Minneapolis, MN: Real Estate Market Update March 11th

Activity in the real estate market increased across the board this week. The number of new deals (pending sales) went from 635 last week to 680 this week. The number of new listings went up as well from 1832 last week to 2014 this week.

These increases add to the rise in activity since mid January.

Spring activity is typically high, when compared to last year, this spring's activity is slightly down. The number of new listings this spring is about % lower than the same period last year. While the number of pending sales is down by about %.

An interesting side note, the Housing Affordability Index (HAI) is at a five year high. The HAI measures housing affordability based on sales prices and interest rates. The HAI is at 157 now, meaning the median household income is equal to 157% of the median home price. A lower HAI means homes are less affordable.

This increase in affordability is god news for buyers, but the best news is that the BEST HOMES (which always sell fast, and for a fair price) are actually easy to find, and buy today. Everyone moving today benefits from the fact that they can pick and choose from the plethora of options out there and they'll find a fantastic home which they will love more and more every year they live there.