The Twin Cities saw a surprising turnaround in the housing market in 2012. While I had predicted that the Twin Cities had hit bottom in January 2012, no one, including myself, had expected as strong of a 2012 as we had.
While final numbers are not in yet, 2012 was a banner year for the Twin Cities. Prices surged, Traditional Seller activity increased while distressed sales decreased, buyer demand swelled nearly 20% and the inventory of for-sale homes dropped almost 30%.
That increase in buyer demand and decrease in inventory means a home in the Twin Cities sells on average 36 days faster than just one year ago. At current levels, there is only a 3 month supply of homes for sale – the lowest level since 2004 and thus a Seller’s Market by definition.
2013 is shaping up to be another strong year – more on that in an upcoming post.
