We Have Buyers – We Need Homes for Sale in the Twin Cities
As of the beginning of December we have a little less than 18,000 active homes for sale in the Twin Cities.
Sound like a lot? In actuality it isn’t. Firstly, this number is about what it was in late 2004, which means we haven’t had this few homes for sale in the Twin Cities since the height of the real estate boom. (Ah the good old days when homes would get snapped up in less than a week for full asking price.) Also when you go one step further and break out Traditional Listings from Short Sales and Bank Owned Homes, there are only about 10,700 traditional homes for sale for buyers to choose from.
Even during the last three years, we’ve sold about 20,000 traditional listings per year and are on pace for that in 2011, which is probably why data shows we have about 6 months of inventory. For the record, 5 months worth is no longer a buyers’ market.
I’ve gone a step further and looked at how many listings are still active but have an accepted offer. Agents have to state this on the MLS so this number could be higher, but I verified another 400 Traditional Listings under contract pending inspection, which brings down the available traditional homes for sale in the Twin Cities to 10,300 – amazingly low!
That’s the supply side. Let’s talk about the demand. Pending sales for the last three months are up over 30% compared to a year ago! After months of declining indicators for both percent of list price received at sale and increased time on the market, both of those indicators improved last month.
We need homes for sale in the Twin Cities for the buyers who are looking. If you've been thinking about listing your home this is a great time to get on the market!
The Gerard Team