Minneapolis, MN: Market Update Week of March 3rd

Signs of Spring!

Deals are being done, fewer homes being listed, all spell good news for the Real Estate Market.

Pending sales inched up this week making a strong case for the market being prime for the picking. While sales volume remains healthy, the type of deals being done varies in different neighborhoods. Some places the lowest price rages are hot, while in other neighborhoods it's the moderate price rages.

New listing activity is relatively week, a very helpful thing if the trend continues. The primary force limiting price appreciation is over supply. Since sales are strong, new listings flooding the market are to blame for the oversupply. Whatever the reason so many home owners are choosing now to sell, if they stop, the number of homes available will go down. As the number of homes available approaches the number of sales, the markets get hot, and prices go up.

If you are interested in buying or selling, be sure you, and your REALTOR, really understand your market, the neighborhood, property type, and price range! It's never been more important.