I am providing a brief summary of what's going on in the Twin Cities housing market. We had record number of buyers out purchasing homes in January 2013 with 13% more houses being sold! That is an 8 year high. That being said, inventory is also down. There are 32% less homes available for sale this year, over last year.
With these kinds of numbers, supply and demand 101 dictates a rise in sale price. Our median sales price increased 14% over last year. Let me repeat that. The median sales price of homes is 14% higher than a year ago.
As I already mentioned, we are at almost record low inventory with a 2.9 month supply of houses. This means that the market is a sellers market, with multiple offers being very common, and days on market being very short.
For the full report, watch the video below.