Spring market was extremely busy this year. Now that summer is in full swing, activity has slowed slightly, back to a more reasonable level of busy at least. But the market remains very strong.
As of the end of May, the average sales price for homes in the Twin Cities region was $241,000, roughly a 3.9% increase over last year. That price point ($200-250,000) has also been the most active and seen the quickest sales. Homes overall have been selling quickly, spending about 2 months on the market.
The big discussion this year has been housing supply. Inventory is extremely low, down 12.6% over last year. This has translated into intense competition among buyers for competitively priced homes in good condition. Multiple offer situations have been very common this year.
Even with all of this activity, it is always important for home sellers to price carefully and market well. Buyers are wise to begin the process early. Make sure that you are fully prepared with a strong team of agent and lender to be competitive in multiple offers.