The Twin Cities Housing Market January 2018 Review
January Twin Cities Housing Inventory Sinks Lower
We are now several years into a housing market where buyer demand is strong and inventory of homes for sale is limited and ever shrinking. This buying mania has been fueled largely by a strong economy with low unemployment, a robust stock market, and historically low mortgage interest rates. In addition, the high cost of renting has made owning a home the best option in the Twin Cities, as well as a wise financial decision. It was the strong incentive many first time home buyers needed to get off the fence and pursue the American dream of homeownership. And chase that dream they did!
We just capped off a record-breaking year for real estate. The story for 2017 was powerful across the nation. In the Twin Cities, the median sales price reached an all-time high. Closed sales broke a twelve-year record high even with inventory levels at a 15 year low. There were lots of reasons for sellers to celebrate. Homes for sale spent less time on the market with full price offers the norm. The market was rocking and tenacious buyers were the rocket fuel that propelled it.
As we look at the first month of the brand...