Homes Sales in the Twin Cities Rose in May
The number of home sales in the Twin Cities metro region outpaced the number of new homes listings in May. The number of pending homes sales in the month of May increased by 20%. This is a good indicator of the number of closed sales to come in the next few months.
If you were contemplating selling your Twin Cities home now is the time, many sellers are receiving multiple offers on their homes, and in some cases those offers are above the asking price. Last month sellers received 97.5% of their asking price. The median sale price increased 6.7 % to $224,000, which is close to an all-time high.
New listings are hitting the market but there is not enough new listings to keep up with demand. 8,590 new listings hit the market last month, which is similar to what we saw during May 2014. However, by the end of last month the number of available home listings dropped by 6.8% compared to May of the previous year.
"Inventory is still chronically low,” said Herb Tousley, director of the real estate programs at the University of St. Thomas. "So if you’re a buyer, you have to be ready to move if you see something that looks good.”
With interest rates expected to rise more and more buyers are entering the market now. If you are looking to buy or sell a home contact me. Our group specializes in Eden Prairie Real Estate,Chanhassen Real Estate,Chaska Real Estate, Lake Minnetonka Real Estate,Edina Real Estate andWest Bloomington Real Estate.
Brace Helgeson Coldwell Banker Burnet
Licensed in Minnesota/Lic # 92065