The housing market in the Twin Cities is quickly turning from a buyer’s market into a seller’s market.
As the inventory of homes for sale continues to drop off a cliff, buyers are having to settle for less than the perfect home or pay more for the one they want. For buyers who have heard stories from their friends and family that have bought in the last couple years, this is coming as quite a shock.
Homes for sale in the Twin Cities has dropped an astounding 31% in the last 12 months and is continuing to widen each week. We’re currently sitting just over 16,000 homes for sale today – the lowest level since December 2003.
I am now predicting we will be down to just 9,000 – 10,000 homes for sale by the end of the year. If I’m correct in my estimate, and I’ve looked at these numbers hard and believe I will be, that would put us down 64% – 66% from our highest December, which was 27,616 homes in December 2007. Think about that… 1/3rd the homes for sale that we had 5 years ago.
