April Showers and the Twin Cities Housing Market
The Twin Cities Spring Housing Market April Review
Market snapshot: Spring in Minneapolis-St. Paul and the theme of the housing market story is home buyers as plentiful as mushrooms after a spring shower and “home for sale” signs as rare as dinosaur fossils. Okay, I admit I am exaggerating slightly about the for sale signs but for many buyers, especially in the lower price ranges, it sure feels that way.
New Listings in the Twin Cities were down 8.3 percent compared to April of last year causing inventory levels to fall 19.8 percent with 10,916 homes available in all categories. Values continue to gain momentum with medium sale prices steadily inching upward with days on the market going in the other direction. The month's supply of homes was down 21.4 percent at 2.2 months and needless to say, sellers were quite happy. The short supply of inventory has caused closed and pending sales to be down from last April’s numbers.
Even though most decent properties that are priced to market are selling above list, quickly and with multiple offers, so far buyer...