Twin Cities Housing Market a Buyer’s Market?
Is the Twin Cities housing market becoming a buyer’s market? Many feel that with the decline in the number of home sales and dropping housing inventory in November that it just may be turning towards a buyer’s market.
In early fall many home sellers put their homes on the market hoping to take advantage of surging home sale prices that were occurring during summer. As cold weather set in and the holiday season took hold many buyers left the market which has resulted in some anxious sellers. As a result many home buyers can benefit from this.
According to the Minneapolis Association of Realtors In November there were 3,213 closed home sales in the 13-county metro area, a decrease of 17 percent over this same period of time last year. There were also fewer foreclosures in November compared to last year which has resulted in increasing the median price of sold homes to $205,000, a 5.1 percent increase.
"When comparing to last November, it looks like a slow down, but last November was different because it really still had a range of pricing, so people were scrambling to grab those low-cost homes,” said Emily Green, president of the Minneapolis Area Association of Realtors. "We are moving back to a traditional buyer and a traditional seller, which are those who really prepare for a purchase for months.”
The housing numbers for November are similar to normal seasonal pattern in the Twin Cities metro region.
If you are looking to buy or sell a home this winter contact me. Our group specializes in Eden Prairie Real Estate,Chanhassen Real Estate,Chaska Real Estate, Lake Minnetonka Real Estate,Edina Real Estate and West Bloomington Real Estate.
Brace Helgeson Coldwell Banker Burnet
Licensed in Minnesota/Lic # 92065