Under 10,000 Active Listings in the Twin Cities!!!
I looked at the monthly numbers today. December shows 2.9 months of active inventory. This equates to about 11,900 active listings. For comparison, we had almost 29,000 listings in July of 2010.
Here's the interesting fact though, there are many listings under contract so we actually have about 9,400 active listings that are not under contract. I can't see any month or year where we've ever had so few listings!
So what does this mean for you as a buyer or seller?
As a buyer, it means prices are going up. Maybe even significantly up in certain areas due to increased demand and low supply. Buyers will no longer be able to offer whatever they want and also, they'll be in multiple offer situations for any house that shows value.
As a seller, it's a great time to sell. However buyers have gotten used to seeing homes in good condition so if your home needs work you still need to price it right to create enough value to get it sold. If you can't sell your house in THIS market, it is definitely overpriced!
Take heart though! This is part of the process for increasing home values and that helps us all!