Here’s what buyers and sellers need to know about our housing market.

Today, I want to address the frequently asked question about the current state of the Twin Cities region market. Many clients have been concerned after hearing national news reports suggesting an increase in foreclosures. However, I want to assure you that the foreclosure rate in our Twin Cities metro area remains very low. Our market continues to be strong, characterized by a shortage of homes and rising prices. Higher interest rates have contributed to fewer listings, as people are choosing to stay in their current homes.

Let’s look at some recent statistics comparing April 2022 to April 2023. Please note that these figures are the most up-to-date, and we will have more statistics available soon. In April 2022, the average sale price in our 13-county metro area was $432,384. By April 2023, it had dropped by 0.9% to $428,667. These numbers debunk the national news reports predicting a significant drop in home prices, as we are currently experiencing less than a 1% decrease.

“Home prices remain stable in our area.”

In terms of days on the market, homes took an average of 28 days to sell in April 2022, while in April 2023, the average increased to 45 days. Although there is a slight difference, it is not substantial when considering the overall market.

Now let’s talk about the month’s supply of inventory, an area where people often have concerns. In April 2022, if no other homes were listed, it would have taken 1.2 months to sell all the homes currently on the market. In April 2023, this figure increased to 1.5 months. These numbers indicate that we still have good market conditions, with values on the rise and buyers struggling to find available homes.

If you are considering selling your home, now is an excellent time as it remains a favorable seller’s market. I currently have five buyer-pending sales and a proven track record of getting buyers into homes and helping them succeed with their offers. If you have any questions, please don’t hesitate to call or email me. I am always willing to help!