The Twin Cities Housing Market in One Number: “12,984”
“Warmer weather heats up Minneapolis housing.”
—CNBC (12/10/2015)
It’s oddly fitting that, as 2015 winds down, many Buyers are saying the same thing now that they did at the beginning of the year.
Namely, that there’s nothing for sale.
And they’re not imagining: according to the Minneapolis Area Association of Realtors (“MAAR”), there are now only 12,984 units for sale in the entire 13 county Twin Cities metro area.
Once you back out lots and land, farms, and commercial properties (also included in the total), the number of single family homes for sale shrinks even further.
Why Scarce Inventory Feels Even Tighter
Meanwhile, months supply of inventory is just 3.2 month, the lowest level in almost 12 years (generally, five to six months of supply is considered balanced).
Further exacerbating the dearth of choices confronting Buyers: a good percentage of what is for sale, has been for sale for awhile.
Translation: the homes’ price, condition, or marketing — or most likely, some combination of all three — has already been found wanting by Buyers.
See also, “Early 2015 Home Buyer’s Lament: ‘There’s Nothing For Sale!”
