Monday, April 29, 2013

Less supply, more demand and rising prices are being seen in residential markets across the country. News about the housing recovery's fragility, housing trends have remained positive for well over a year now, and the road ahead looks bright with better lending standards in place. Ominous headlines may benefit advertisers and search engine optimization, but local consumers informed of local situations are in a better position to leverage the market. In the Twin Cities region, for the week ending April 20: • New Listings decreased 4.5% to 1,601 • Pending Sales increased 9.7% to 1,337 • Inventory decreased 28.4% to 13,258 For the month of March: • Median Sales Price increased 17.8% to $176,575 • Days on Market decreased 24.3% to 109 • Percent of Original List Price Received increased 3.1% to 95.0% • Months Supply of Inventory decreased 38.0% to 3.1 As I've been saying for the past 12 months, now is the time to buy with prices bottomed out and interest rates at an all time low. Regardless of whether you're financing or not, prices are expected to rise and a market correction could be occurring now. For any assistance with Real Estate in Minneapolis / St Paul or around the country, contact The Basil Group, Dan & Lisa Basil at (612) 280-5046.