Twin Cities Pending Homes Sales Soar!

Twin Cities home sales have soared 10 % this week over the same week a year ago. Why? Lack of inventory and a surplus of buyers. On the buyer side there are multiple offers nearly everywhere in most cities. The caviot is correct pricing, condition and location of course.

Twin Cities pending home sales have surged to their second highest level since 2006! Although home sales have surged sellers are finding appraisal issues. Not enough sold data is available to appraise at higher levels. Sellers may be fetching a higher sales price, and finding themselves without comps to show the higher value.

In May we are likely to see the lowest monthly supply of housing supply in over 10 years. 2.5 months supply is expected. To put that in perspective in 2007 there was over 10 months supply when banks started unloading their inventory.

Twin Cities Home Source can guide you through the rough waters. Click here for a buyer consultation or if you are looking to sell.