What’s happening in the Minneapolis real estate market? I’ll go over a few important stats and compare them to the 2015 market for you today.
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As we come into the spring market, I want to give you a little market update. There are some interesting statistics that you should be privy to.
Today, we’ll look at some of the stats from 2015 and compare them to what’s going on in our current market.
First, let’s look at the monthly supply of homes. Right now, there is only a 2.2-month supply for the entire metro area. That means that if no new homes came on the market, all of the homes currently on the market would be sold in about two months. That is very low inventory compared to a normal market.
In 2015, the average was a four-month supply of homes. As you can see, there are fewer homes on the market now than there were in 2015. To put it another way, there are 11,000 listings on the market now, and there were 17,000 listings on the market in 2015. That’s almost double the number of listings we have today.
Although inventory is lower now than it was in 2015, the average sale price has gone up. In 2015, the average sale price was $210,000. Today, the average sale price is $249,000.
How does all of this impact you?
If you are a seller, there are not a lot of other choices out there for buyers, which means less competition for you. Since there aren’t that many homes on the market, you are more likely to get a good deal for your home.
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Inventory is extremely low in our market right now, which is good news for home sellers.
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As a buyer, there are a couple of things you should know. First, you need to work with an experienced agent since you will be competing with other buyers for the limited inventory available. Second, interest rates are incredibly low. Over the term of a 30-year mortgage, you can save thousands and thousands of dollars. On a 15-year mortgage, you will save even more.
If you want to have a deeper conversation about buying and selling in today’s market, just give us a call or send us an email. We will figure out a plan to get you where you want to be when you want to be there. We look forward to hearing from you!
