Twin Cities Housing Market: 2019 – March

Twin Cities Housing Market: 2019 - March

it's your twin citys housing market insight for March of 2019 well the extremely competitive spring housing market has arrived in the greater Twin Cities the home inventory crisis that has been at the core of the inflationary boom in home prices over the last seven consecutive years remains fully intact the February blizzards kept new listing inventory at bay but with mortgage rates extremely low the weather seems we've had very little effect on the seasonal increase in buyer demand except for segments with direct competition from a new construction inventory multiple offer scenarios for a majority of property listings has returned to the status quo for local home buyers and sellers and that will likely remain the case for the next two to three months at least I'll break down stats starting with mortgage rates mortgage rates have fallen further in march and now sit at a 13-month low of four point three one percent for a 30-year fixed conventional mortgage home builder confidence in February the national home builder confidence index remained unchanged at 62 closed sales in the Twin Cities climbed 4 percent in February to 2815 residential closings the median home price in the Twin Cities moved up 3 percent in February to 265 thousand 500 US dollars we expect prices to continue to rise for closed sales through the month of June this year new listings which are typically on the rise in February fell actually fell one percent month-over-month in in February compared to what would normally be a 10 to 15 percent increase in new listings obviously we had the the largest snowfall on record in Minnesota in February and that put a damper to have put a damper on many would be home sellers plans we are expecting a significant bounce back for new listings here in March homes for sale the home inventory level in the Twin Cities is is also typically rising in February to meet the seasonal increase in demand however the home inventory level fell three percent in the Twin Cities in February to eight thousand fifty three homes for sale that figure does not include some of the unlisted new construction inventory but eight thousand homes for sale still very low historically especially adjusted for population pending sales despite the low inventory level and despite the snowy weather pending sales in the Twin Cities climbed five percent in February to three thousand four hundred and twenty four units we expect pending sales volume to continue to rise significantly from now through May as weather improves and new listings begin to catch up with demand in May is typically the peak for sales that concludes my market insight for March please don't hesitate to reach out to me if you have any questions about your particular home value or the market segment that your home is in I'd love to catch up with you and thanks for taking the time to watch this video you

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