Home Sales Rise In The Twin Cities
Home sales were in the on the rise in the Twin Cities last month with the number of home buyers outpacing sellers. As a result, home prices increased and the number of inventory homes on the market dropped drastically. According to the most recent report from the Minneapolis Area Association of Realtors there were 4,331 purchase agreements signed in October in the 13-county metro area. This was a 3.3 percent increase over what we saw in October of last year.
When it comes to new listings hitting the market the number decreased by 2.6 percent over last year. Buyers are out ln full force but are still struggling due to the lack of homes on the market. It truly is a sellers’ market in many areas of the Twin Cities.Last month sellers received 96.2 percent of their asking price, and homes only spent on overage 70 days on the market. Median home prices rose by 4.9 percent to $218,000.
While we typically see home sales slump during the holiday season that is not what we are seeing here in the Twin Cities. Now is the perfect time to sell your Twin Cities area home.
With home prices expected to continue to rise now is the time to buy a home in the Twin Cities metro area. Our group specializes inEden Prairie Real Estate,Chanhassen Real Estate,Chaska Real Estate,Lake Minnetonka Real Estate,Edina Real EstateandWest Bloomington Real Estate.
Brace Helgeson Coldwell Banker Burnet
Licensed in Minnesota/Lic # 92065