The last 5 years have been very frustrating for buyers because our current inventory of homes in the 13 county metro is so low. The normal Spring market sees over 20,000 homes available. This year, depending on which month you are looking at, the inventory has run 7500 to 9000 homes. This low inventory has been like this for at least 5 years and particularly for homes under about $350,000 It has caused buyers to become frustrated and give up. Many who have really needed a new home have gotten stampeded into paying too much for a property. Others have simply dropped out of the rat race.
That may be changing, at least a little bit. Looking at the Weekly Activity Report of the Minneapolis
Area Association of Realtors, there are some glimmers of hope for buyers. For the last 8 weeks new listings have been at or above one year ago for the same weeks. Since March pending sales are down 4.4%. Also since March the inventory has been up every week but one. Days on Market and Percentage of Full Price received have both dropped slightly. All of this is truly too early and too small to be called a trend, but just based on the inventory increase it would be a great time for buyers to jump back in and start looking. Especially with interest rates dropping back down to 4% the timing might be perfect. Contact me if you would like the stats for your neighborhood or would like to look at some homes.. Thanks.