December Housing Inventory Took a Nosedive as Home Values Soared
The relentless story of happy sellers and frustrated buyers continues. This was especially true in December. Inventory levels plummeted 27.5% over last December and month’s supply dipped to 31.6%. With the ever-shrinking availability of homes to purchase under $500K, the dream of homeownership remains elusive for many first time buyers.
Although mortgage interest rates remained steady at about 4% in the last half of the year, the high demand coupled with low inventory situation caused median sales prices to rise higher. This forced some buyers to adjust their expectations of how much house they could afford.
While year-end market conditions were a nemesis for buyers, sellers had a lot of reasons to celebrate. Homes spent less time on the market with full price offers the norm. Bidding wars on very desirable homes brought in offers above ask price.
What was up and what was down in December this year vs. last year? Inventory, sales and days on market decreased with the median sale price increasing 10%.
Our Favorite Blog Posts of 2017
It’s that time again. As we say goodbye to the old year and look ahead to 2018 with great expectations it is always worthwhile to reflect on the last 12 months and review the work accomplished with some satisfaction. On Our Twin Cities Home Blog, we try to bring you the best information we can find on everything real estate from buying and selling a home to living well in our vibrant and beautiful Twin Cities Metro.
As we look forward to more good work this year we’d like to share some of our favorite posts with you again. So without further ado, here is what we think deserves a second look before we close the books and begin the first chapter of the brand new year!
The Minnesota Property Group A Twin Cities Success Story
Has a year really passed since I wrote this one? It was one of my favorites because I am proud to work with Joe all 365 days of the year. He has a great real estate story and a great philosophy on how he approaches real estate so I felt it appropriate to tell it one more time.
Passive Savings - Like Giving Yourself a Raise
Saving more money is a popular new year’s resolution for many people. Well, it just so happens we know a little about that here at the Minnesota Property Group. When I started researching the topic of how to save, it got me thinking of other ways that you could do it without feeling the pain or strain of giving...