Yesterday I put a post up about how the market was hot... Well here is the proof. Thanks to 10k Research and the Minneapolis Association of REALTORS we are able to track the real estate market trends from year to year down to week by week.
At a high level here is what to look for in this report:
1. Buyers are quickly grabbing the inventory off the market as pending sales have increased by +24% compared to last year!
2. Because the market is moving so quickly, we have less inventory on the market compared to last year (-1.8%).
3. Home owners are catching on to the hot market as new listings have increased by +14.1% and are selling at a higher price as the median sales price has increased by +6.6%.
4. The market seems to be close to fully recovered as we are seeing similar trends prior to the housing bubble; however, buyers are playing it smarter as the housing affordability index has increased from 145% in January 2004 to 195% in April 2015 (see page 7 for data and definition of housing affordability index).
If you are curious on how this might apply to you, please call me at 651-247-4804 or email me at ClintRHansen@gmail.com.
Click here to see Weekly Market Activity Report.