Market Update

Courtesy of the Minneapolis Area Association of Realtors (MAAR): Please see this video from February
from MAAR. What is discussed, are some of the very encouraging sales statistics, when comparing the Minneapolis/ St. Paul Metro area for January 2016, with one year ago, in January 2015:

  • Home prices are up.
  • Total Home sales are up; ‘Pending’ (sold, but not yet closed) sales increased +3.5%. Closed sales are up 17.8% (be careful with this stat), for a total of 2,799 home sales in our local market for January ’16.
  • Low Inventory continues to be a drag on sales in our market – there are simply not enough homes for the buyers out there, and it’s potentially looking like a strong, sellers market again, with a mere 2.1 months of inventory. This is a 22.2% decrease in inventory from one year ago, in January, 2015.
  • The percent of original list price received at the sale increased year over year; for January 2015, sellers were receiving a full 95% of the original list price at sale (see inventory problem; the two are related).

Anyhow, enjoy this short video from MAAR: