Shrinking inventory and low interest rates are coming together for what looks to be a busy summer for REALTORS® in Minnesota.
Minnesota Association of REALTORS® Chris Galler spoke to KARE 11 about the summer housing market:
If it feels like homes are going up on the market and then going off it, selling almost days later, your feeling is fact.
Chris Galler, the CEO of Minnesota Association of Realtors®, says there are 56,000 fewer homes on the market this year as opposed to last, which is a 50 percent decrease.
“Agents are telling us the good properties are going up and in a week or two they’re gone there is just such a shortage,” he said.
He says over the last three months home prices have increased.
So where are homes being sold the fastest?
There are some pockets in the urban areas of Minneapolis and St. Paul, but mostly they are located in the second and third ring suburbs, says Galler.
For example, he says second ring locations are in Minnetonka or Savage and third ring in Maple Grove or Lake Elmo. He says the hottest homes are selling for $175,000 to $225,000.
You can watch the entire story here.
Builders are also busy right now – some report business is up 100% from this time last year and homes are selling almost as fast as they’re being built. Chris says some construction companies are even concerned they may run out of lots!
If you’re looking to sell this summer – make sure your home is priced right and staged to be move-in ready. Working with a Minnesota REALTOR® is a great way to make sure you are seeing the best properties and getting traffic into yours with a great open house!
The Minnesota Association of REALTORS® is the largest professional trade association in the state with more than 19,000 members who are active in all aspects of the real estate industry in Minnesota.