December 2012 Twin Cities Real Estate Market Update

December 2012 Real Estate Market Stats for the Twin Cities Metro

Hi Steve from Wilhelmy Homes, thanks for stopping by the site, we really appreciate it. I though today I’d do a little bit of market stats for you. This is for December 2012.

There were 3,380 closed transactions in December. About the same as last year.
We always compare it to last year the same month because it takes into account the holiday season in December. You can’t compare it to say May because that’s when real estate is super busy.

Good news; median price was up 16% to just shy of $168,500 across the entire Twin Cities area. The days a house was on the market also dropped off dramatically 23% down to 108 days, so just over three months which is just smoking. That’s the time the homes went on the market to the time the homes were sold, which ties into month’s supply is down 42% to 2.9 months.

If you listen to all the talking heads or the stat guys or people that have really understood the market for years, when were at about six months of inventory we are at a balanced inventory with roughly the same number of buyers and sellers. Right now, at 2.9% we are in a seller’s market, so if you are looking to sell your house it’s a great time because there are a lot of buyers out there looking compared to the houses available.

Also, the amount of new inventory is down. 2,853 listings last month went on the market. That’s 15.5% lower than last year, so remembering back to your high school economics class, as we have less supply and the demand stays the same or goes up, prices are going to go up. Now, can I tell you that prices are going to go up dramatically? No, but I can tell you that we are up 16% from this time last
year, so it certainly does look like prices are in the increase. That’s what the numbers are saying. The inventory is definitely down so if someone asks me when the right time to put my house on the market? Now is the time. The stats say now is the time. We are through the holiday season and we’ve already seen an uptick in demand in the first part of January here.

Steve Wilhelmy - Wilhelmy Homes
Steve@WilhelmyHomes.com or 612-619-2638

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