Clearly, there’s been a shift in the housing market: Inventory is falling, home sales are up and market times are down. And in a nationwide survey by Realtor.com, in all but one metro area the median ask price during March was up. It rose 5.6 percent from a year ago, and was up 1 percent from February.
What city didn’t post an increase? The Twin Cities, where the median list price was down 2.2 percent. The general increase in ask price is interpreted as a sign that sellers are more confident than they were last year, so are able to put a higher price tag on their listings.
In this metro, which is generally thought to be among the most healthiest in the nation by some experts, the one-month decline seems counter-intuitive. Could be a statistical anomaly, but it could also be a sign of continuing seller skittishness. Only time – and more data – will tell. Here’s a link to the full report, which includes other February sales data for most big metro areas across the country.
Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Kristen Leigh Painter.
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