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Turnkey properties remain competitive – Analysis below from mplsrealtor.com
Gardeners aren’t the only ones struggling with spring weather this year. The season’s late start and temperature swings suppressed housing market activity early this year, but those effects are moderating. The latest numbers for Twin Cities residential real estate show some strength amidst ongoing signs of change. Prices reached a new record of $281,000. New listings reversed course and rose 4.5 percent. Closed sales were down about 7.0 percent though pending sales—a measure of future closings—fell just 1.1 percent. Market times rose 5.7 percent year-over-year, the second increase since March 2015. Another sign of a changing market is the ratio of sold to list price has fallen for five of the last six months. In conjunction with other indicators, this suggests the market is improving for buyers, even though sellers still have strong pricing power, favorable negotiating leverage and quick market times.
The number of active listings for sale decreased slightly compared to the prior year. Even so, buyers have seen inventory gains for seven of the last eight months. After seven months of gains, months supply was flat at 2.0 months, suggesting the market is still undersupplied. Well-priced, turnkey properties continue to be highly sought-after. Mortgage rates remain cooperative at around 4.1 percent, which is good news for buyers. The market is tightest at the entry-level prices, where multiple offers and homes selling for over list price are commonplace. The move-up and upper-bracket segments are less competitive and better supplied.