The housing market began 2020 on a positive note, as existing home sales increased by 3.6% at the end of the previous year. Although the Midwest saw a slight decline, the remaining three major U.S. regions experienced significant growth.
However, some experts maintain that some of the problems that plagued the market in 2019 will persist. For example, while home sellers may be in a favorable position, prospective buyers may not be so fortunate. Low inventory may continue to be a problem, affecting first-time homebuyers the most.
Still, 2020 could shape up to be a good year for home sales, as 2019 closed out with a positive economic push of 2.3 million jobs and mortgage rates below 4%. If the trend continues, more people will be in good positions to buy a home.
By the numbers for the Twin Cities area:
• New Listings decreased 4.9% to 998
• Pending Sales decreased 12.2% to 592
• Inventory decreased 15.2% to 7,624
• Median Sales Price increased 8.0% to $278,600
• Days on Market decreased 1.8% at 56
• Percent of Original List Price Received increased 0.4% to 97.2%
• Supply of Homes for Sale for the month decreased 21.1% at 1.5
Economic uncertainty is never comforting, but it doesn’t have to hinder your dreams of buying or selling your home when you have our agents working on your behalf. Contact us today to see how we can help you achieve your goals.
At Helgeson Platzke Real Estate Group, we are proud to be a member of Eden Prairie’s esteemed small business community. Since 1995, we’ve offered the very best in Twin Cities real estate, earning our community’s trust as the #1 Sales Team in the Eden Prairie area. With over 4,500 homes sold, our staff has both the knowledge and experience necessary to ensure that your homeownership goals are delivered. If you’re considering buying or selling your Eden Prairie area home this year, now is the time to enlist the help of a real estate professional who can help you make the most of the market no matter the situation.