Anyone on the front line of the real estate industry has felt the pressure of the market. I cannot remember the last time we either had an offer or helped a buyer write an offer that was not in multiple offers. Today a News Release was sent out on behalf of SPAAR:
The Saint Paul Area Association of REALTORS® announced today that a 10.7 percent boost in new Twin Cities real estate listings, compared to those in April 2014, has resulted in an increase in pending sales of 26.0 percent to 6,329. Despite the 8,613 new listings last month, inventory levels fell 1.9 percent to 15,115 units.
Prices also continued to gain traction in April with the Median Sales Price increasing 10.0 percent over the prior year to $215,600. Sellers enjoyed a 4.5 percent decline in the time properties are on the market, bringing the average to 85 days. Months of Supply Inventory also benefitted sellers as it fell 5.6 percent to 3.4 months.
“Considering the sales pace and price increases, this surge in new listings certainly is a welcome addition to the marketplace. Today’s new listings will become this summer’s closed sales and should give buyers more options,” said Tom Wiener, President of SPAAR.