MINNEAPOLIS (WCCO) — Even with warmer weather in the forecast and the spring home-buying season fast approaching, the Twin Cities remains a strong seller’s market.
Inventory remains at a 10-year low. Last month, there were 13,086 homes for sale, down 4.1 percent from a year ago, and significantly lower than the 2007 peak of 35,000 home listings.
“I know a lot of sellers that have been waiting to put their homes on the market until the weather improves,” said Dain Johnson, a Twin Cities Realtor. “People in Minnesota don’t like to buy homes when their yard is covered with snow.”
Low inventory across the state pushed Minnesota home prices higher for a 14th straight month. The median average price climbed 5.3 percent in March, compared to a year earlier.
Twin Cities homes prices saw a bigger jump of 7.6 percent in March to $190,000.
“With the low inventory, home prices are staying high,” Johnson said. “We have a lot of buyers in multiple offers, and homes selling quickly, sometimes above list price.”
The hope is that warmer weather will give those buyers more options.
“We’re already seeing a lot more movement this month,” Johnson said. “Let’s hope spring will bring more homes that buyers can make their own.”