January Numbers Are In!
Are you curious as to how the market is going to be this spring? If you are, I would love to talk to you about what is going on in your neighborhood.
We are seeing more sellers coming into the market with a 7.8% increase in new listings from last January. The month supply of homes rose by 6.7% to 1.6 months. Sellers still have a strong negotiating position. At the same time offering buyers more homes to choose from. With rates coming down to around 4.5% from the high of 5% in November we saw a decrease in closed home sales during these higher rates. These numbers look at the 16 county metro as a whole. If we look at what is going on in the Minnetonka Lakes area, the picture is a bit different.
Lake Minnetonka Area saw an 18.1% jump in new listings from last January this also increased our month supply 9.7% to 3.4 months. The month supply is a big difference from the 16 county metro and what you hear on the news. They only have 1.6 months supply so yes things are selling faster. The price point is also $258,900 vs. our area has a median sale price of $444,700. We still were able to bring down the days on the market to 70 vs. last years 129 days.
While none of us can predict the future all signs are signaling more sellers are coming to market this spring giving buyers more homes to look at and bringing us up into a more balanced market, then we have seen over the last few years. Who knows with more homes for sale maybe we can break our record of closed sales and reach above the 61,000 homes sold mark. With a stable housing market outlook for this year, if this has got you a tad bit interested in selling or buying a home, I would love to talk to you.
If you would like to read more about the January numbers and the report written by our Economist at Minneapolis are Realtors click here. I have also attached the 16 County and Lake Minnetonka area reports for your view pleasure.
Thanks again for reading my blog and I am always here to help