As we get further and further into 2017, housing inventory continues to be an issue facing the Twin Cities market, and more specially buyers who are desperately trying to find a new place to live.
According to recently released sales figures, the median sales price back in April jumped another 6.3% to $245,500, brining it to a level that hasn’t been seen in over a decade.
With fewer homes on the market all throughout the Minneapolis-St. Paul area, home sellers are taking notice and aggressively pricing their properties when looking to sell. And unfortunately for buyers, there isn’t a whole lot that can be done outside of paying the asking price, or at the very least close to it.
For added perspective, there were 20% fewer homes on the market last month compared to April of 2016, and standing inventory has even reportedly reached its lowest level since 2003.
As for what people seem to be buying or where inventory has really taken a nose dive, condos in the St. Paul only have a 1.9 months supply, while townhouses have just a 1.7 months supply. Single-family home inventory is slightly higher, but still only amounting to a 2.3 months supply, according to the latest figures from the St. Paul Area Association of REALTORS®.
At the time of this post, just 516 active residential properties were listed on the market in St. Paul specifically that are priced $100,000 and over, which includes single-family homes, condos, and townhomes.