Wednesday, February 27, 2019 / by Cooper Riach
2019 is in full swing and the fourth Wednesday of the month means a market update for our readers. After reading this article, you will be able to make an educated decision of making a move or not, or even passing this info along to someone you know. In this market update we will take a look at inventory (or lack there of), days on market, and finally, the average price per square foot. Lets go!
There is currently 1.6 months of inventory. As was the case last month, it is a seller’s market. This means that there is a better shot at getting more traffic through your listing. More foot traffic could mean getting into a multiple offer situation. What does low inventory mean for buyers? Although frustrating at times, it is not as bad as some may think. Low inventory just means you have to be available to see properties ASAP. It is all about having a good agent who stays on top of it to keep you up to date with what is going on. At HHG we have a playbook that has been successful when there is low inventory while working with buyers.
Something that goes hand in hand with the inventory is the average days on market stat. That number is at 65 days, compared to 69 this time last year. 65 may seem high but is pretty typical for this time of year. Keep in mind that this number is also an average of the whole twin cities area and may differ in specific areas. Also, if you are on the buying side of the transaction, dont let this number fool you. Just because something sits on the market for an extended period of time, does not mean that there wont be multiple offers on the table when you decide to make an offer on it. Dont relax just because you see a high DOM number.
Finally, lets take a look at some price statistics. The average price per square foot is up 9.1% from $141 last year to $154 this year. That just shows that homes in the twin cities are appreciating. The median sales price has also gone up. 6.1% to be exact. That means that just by doing nothing, you are going to see a 6.1% increase in your home’s value, give or take. That may be something to look at when considering to sell your home or not.
So there you have it. There is your brief market update for the month of February. If you have any questions, dont hesitate to reach out to us here at The Huerkamp Home Group. Also dont forget to follow our social media accounts!
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