Sellers Real Estate Market Prevailed Last Month in the Twin Cities
As students head back to school and summer comes to an end it is typical to see the housing market start slowing. That was not the case last month in the Twin Cities. The number of available houses on the market remains critically low, and buyers are struggling to find their ideal home.
The number of home sales increased by 7.8 percent, but the number of new listings to hit the market last month remained relatively flat. Many home buyers are feeling pressure when it comes to putting an offer in on a home. In today’s market it is not uncommon for sellers to receive multiple offers, some even above asking price.
The average days on the market for the Twin Cities metro region averaged 64 days last month. Home prices also increased last month with the median home price being $224,900, a 2.7 percent increase over this time last year. When it comes to asking price, sellers are received 99.3 percent of their original asking price last month.
Homes are selling quickly, but those homes that are overpriced or in need of a lot of work are not being sold as fast.
If you are on the fence about selling your Twin Cities home now is the time to jump. Buyer demand is high and the number of available homes on the market continues to drop. If you are looking to buy or sell a home this fall contact me. Our group specializes in Eden Prairie Real Estate,Chanhassen Real Estate,Chaska Real Estate,Lake Minnetonka Real Estate,Edina Real Estateand West Bloomington Real Estate.
Brace Helgeson Coldwell Banker Burnet
Licensed in Minnesota/Lic # 92065