In recent months a common phrase has been uttered by countless buyers and real estate agents: “where are all the foreclosures?” Since August 2010 the Twin Cities Region has seen foreclosures for sale drop 52% from approximately 4000 to about 1900 today. This is the first time since July 2007 that we have seen inventory this low.
Twin Cities Homes for Sale
Based on data available as of December 2, 2011. All data from Regional Multiple Listing Service, Inc. Powered by 10K Research and Marketing.
Traditional Seller inventory is at 7+ year lows and even short sales are declining in numbers too. Many sellers that take their home off the market this time of year may want to reconsider – with less competition today than we’ve seen in many years the buyers have far fewer choices available.
I hear stories in my office every day from agents that are in multiple offers on a foreclosure with their buyer and in many cases they are selling over asking price.
While this does not signal an end to the foreclosure crisis, it is another positive indicator of our market coming back into balance and that in and of itself is a huge win.
