With record lows set in January, market activity still remains hot. While the Arctic Blast earlier this month may have shut down some agents, our team still held 3 open houses that weekend and much to our surprise, activity levels were high with new buyers just getting started in the market.
The reason, inventory still remains low across the Twin Cities. According to the Minneapolis Area Association of Realtors for the week ending January 4th:
- New Listings Decreased 18.7% to 678
- Pending Sales Decreased 12.4% to 507
- Inventory Decreased 4.9% to 12,368 for the month of December
- Months Supply of Inventory Decreased 15.6% to 2.7
Conventional wisdom has been to wait and list the property in the Spring Market since there will be more buyers out there looking around. However, what we are seeing on a weekly basis is anything but conventional.
No one has a crystal ball and knows what 2014 will bring, but we can rest assured it looks like the market is again off to a great start. If you are thinking about selling a home, it may be a great time to get started now to beat out your competition, and who knows, maybe get multiple offers.