Spring Thaw is here! And In Twin Cities Real Estate, it’s not just winter that’s defrosting.
Important Info for Sellers’ in the 2015 Spring Real Estate Market
Ah, Spring time in Minnesota – The sense of optimism, renewal, and a fresh beginning. As the spring market arrives, sellers can look forward to increased prices with an influx of potential buyers.
It’s not just Spring Fever that things look brighter for sellers, it’s a fact.
That feeling of optimism and better days isn’t wishful thinking. Local Home prices are rising, and have been for the past three years actually. In the Twin Cities 13-county metro area, prices have been on the rise for the last three years. Yes, year-over-year price increases have slowed to more modest gains. But, there is strong positive growth, a 6 percent increase in the median sales price of local homes in January 2015.
The good news keeps coming. Even in the dead of winter, (sorry, to bring that up), in February, which traditionally is the yearly low point, the median sales price of a home in our market was $225,000. Compare that to February 2012, the real estate market’s bottom; homes were selling for a median price of $165,000. That’s an increase of 36 percent! And in only three years!
Prices aren’t the only thing growing in this spring time Seller’s Real Estate Market. There is anticipation that inventory will continue to grow as well. Where is it coming from? Homeowners with more equity and buying power are deciding to get back in and are beginning to sell.
Listings are also on the rise; this currently puts us in a moderate sellers’ market. It’s being classified only as “Moderate” at this time because, while the pace is defrosting and beginning to pick up, it’s estimated that it would take four months to sell all the homes on the market at the current pace of sales. Sellers are still at an advantage, but this spring could see many Sellers that have been waiting to sell their home at a higher price.
In this case first is best. The early bird catches the worm this spring. If you’re thinking about selling your home, don’t just think, do!