Has everyone remembered to “spring” forward? It looks like the Twin Cities
Housing Market certainly has, as the new season has brought in an uptick in
sales along with the warm weather. The market can only hope that “spring”
fever is more than just a figure of speech.
Speaking of pending sales, while they have tapered off during the week
ending March 14, there is no denying that since the new year began pending
sales have steadily outperformed last year’s numbers. In fact, even with
almost no increase in pending sales activity the 870 pending sales for the
week are still 14.9 percent higher than last March at this time.
Total active listings are another story. While new listings for this period are
only 13.9 percent lower than last year, active listings are down nearly 14.7
percent. This can be looked at in a positive light however if you consider the
combination of pending sales, decreasing inventory, and higher HAI (Housing
Affordability Index) are all helping to get more people into homes throughout
the new spring season. This coupled with the federal government’s tax credit
efforts could give the Twin Cities housing market the added boost it needs to
awaken and to realize the potential that is out there.
There are many other events that coincide with spring: spring training, spring
fever, spring boards…ok that last one isn’t technically associated with the
season. But with the Month’s Supply of Inventory for March down 15.2
percent over last year, agents across the Twin Cities can assist buyers in
diving right into the market now that conditions are beginning to warm.
