Did the housing market miss that there is a pandemic going on? I hope this real estate update finds you staying healthy and with income coming in. I know there are so many that have been negatively impacted by Covid-19 both economically and health wise. Our thoughts and prayers are with all who have been hit the worst. There was definitely a jolt to the system for a couple of weeks in real estate as showings plummeted in all price ranges. But for most price points the showings have climbed largely back out the the hole. The average sale price in the Twin Cities as of the end of April is up 5.1%. The supply of homes for sale is down 4.3% and pending sales are up 3%. In some neighborhoods such as Greater Longfellow the supply of homes for sale is down 7.1% to just 1.3 months, and get this… the average sale price is up 10.9%. Highland Park in St. Paul is up 4.3% and Nokomis up 8.1%.
It’s not quite as bad as trying to find hand sanitizer, rubbing alcohol, or exercise equipment. But, in many price ranges right now it’s as if houses are “out of stock.” When will they be replenished? Well, that’s up to you. If you are thinking about selling the market is strong for houses right now. There really is no need to wait any longer. We have protocols in place to keep homes clean and people safer right now when selling. Plus, there is a strong seller’s market hapening currently. I have had listings sell as much as $30K and $51K over the list price just recently.
If you are selling your house and buying another house, it can be tight finding the next one for sure but it’s possible. Certain prices ranges and neighborhoods in the Twin Cities have more homes for sale. For example, there is a supply of 4.3 months for homes priced $380K and above in the Twin Cities overall. So, that opens up your options at the moment.
If you have any questions about buying or selling or both, give us a call. People have been calling lately to get the “ball rolling” and we absolutely love it! Truly serving your real estate needs and being a resourse for you has been a huge honor that we don’t take lightly. Give us a call or send a text to 612-729-7130 or reach out to travis@traviserickson.com. Stay well! ~ Travis
