Minneapolis Area Association of Realtors update
Minneapolis Realtor Assoc Updates
The market update for the week of October 4th brought to light some key findings of how the housing market will finish up the year here in Minnesota. Growing inventory and an increasing number of sellers being forced to do short sales is becoming the norm. The good news is that most buyers and sellers have realized this is the new normal market. Inventories are going to fluctuate and there will be lots of foreclosures and short sales over the next several years. Considering these facts there are still going to be approx 5m houses sold in the US next year so life goes on in the world of real estate
Key findings for Minneapolis home market
Affordability index increases by 5.1% making homes even more affordable to most families than they were last year.
Inventory stands at 16% over last year or roughly an 8 month supply of active listings on the market.
There are 7.69 homes available right now for every 1 buyer. An ideal balanced market is roughly 5 to 1
Overall market time drops by 3% over last year
The rest of the year for the Minneapolis Market will bring slight rises in inventory as the sales pace slows with a decline in new listings coming on the market. With rates staying incredibly low buying opportunities are incredible.