Homes for sale in the Twin Cities are a hot ticket item these days, with prices going up and time spent on the market going down.
The average days listed for homes within the Twin Cities market has continued to trend downward to 63 days, down 7.4% from one year ago. In fact, the current days listed to sale are at an eight-year low. On the flip side, the median sales price continues to trend upward to $225,000. This is an increase locally of 4.7% from last year and at a seven-year high.
Price increases within the local housing market are being caused by several factors. Higher building material costs, higher labor and more stringent building standards are driving the physical act of building homes higher. Additionally, buyers are selecting homes with more options and higher grade materials, further driving up costs. Lastly, the supply and demand balance is projecting a continuing increase in home prices. The supply of homes currently listed for sale within the Twin Cities market is at a ten-year low, with about a four-month supply of homes on the market. This is down from a peak of a ten-month supply in November of 2011.
A housing supply of six months or higher usually indicates an oversupplied market with a strong likelihood of price declines. On the other hand, a supply of less than six months’ worth of homes listed on the market suggests increasing values based on demand. Generally, a six-month housing supply is considered to be the perfect balance for a stable or flat market.
With the housing market trending high demand and low supply, now is the perfect time to sell. An appraisal from Anthem Valuation will help you sell your home for a great price in no time!