MN HOUSING REPORT: REALTORS HELP IN A CHALLENGING MARKET

The supply of homes continues to be very low. This is causing the median sales price to increase and lowers the number of days a house is on the market.  According to AXIOS NEWS, as of November 12, the number of days houses are on the market is now the lowest it has been since 1989.

What does this mean for sellers? Your house is likely to sell fairly quickly and you should get a good price for the property you're selling. With current low mortgage interest rates and a low supply of homes, this is a great time to sell.

What does this mean for buyers? Expect to compete with other offers. Understand that purchase offers will need to be very strong (competitive purchase price and reduced contingencies/demands). Prepare yourself for making several offers before you get once accepted.

There are pros and cons to every market, but with the caring help and expert advice of a good Realtor® and brokerage, you can still make the move and find the house you need. I'm ready to help you, and with me you also get the professional support and expertise of the entire Anderson Realty team.

Let's set up a time to talk about your plans, answer your questions, and get thing rolling for your situation.

October closed sales dropped 16.2% compared to the previous October, marking a return to a more typical seasonal decline. This was reflected in the number of homes for sale, which shrank 18.6% over last year, with just 11,696 properties on the market statewide.

New listings sank 10.2% to 8,428. Overall, there was only 1.5 months of inventory available, down 21.1% from a year ago.

Buyers who remained active continued to compete aggressively for homes, pushing the median sales price up 8.2% to $308,500. On average, sellers were receiving 99.7% of their asking price, an increase of 0.4% above last October.