There have already been a few items to watch in the burgeoning spring market, particularly around price, sales and inventory. Median sales prices are on the rise while sales have been a wee bit stubborn emerging from winter hibernation. Meanwhile, more choices are still needed for eager buyers. There’s still plenty of time for the market to catch fire, and there’s no reason to believe that it won’t.
In the Twin Cities region, for the week ending April 26:
• New Listings increased 25.6% to 1,906 • Pending Sales decreased 2.4% to 1,212 • Inventory increased 0.5% to 14,318
For the month of March:
• Median Sales Price increased 7.6% to $189,950 • Days on Market decreased 12.0% to 95 • Percent of Original List Price Received remained flat at 95.0 • Months Supply of Inventory decreased 3.0% to 3.2
“Most younger renters think owning is a more sensible housing choice for financial reasons, according to Fannie Mae’s new National Housing Survey. Seventy-six percent of young renters, defined in this study as between 18 and 39, think owning makes more sense because they’re protected against rent increases, and owning can be a good investment over the long-term.”(via RealtorMag.Realtor.org).