Twin Cities Metro Homes Sales Plunge 18 Percent as it Gets Better for Home Sellers

Recent home shoppers in April have found it even tougher to find a home as new listings are down over 10 percent from last year.

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This summer is setting up to be the slimmest pickings for buyers since the 1990's.   The number of homes for sale in the 13 county metro area is 9,079 and is down 21.9% since last year.  This compares to the high in July 2007 which saw 35,904 homes on the market at that time.

The real shortage is in the entry level type homes area the Twin Cities.  For homes under $300,000, the total number of homes available is 3,135; which is down 34.4% from last year.  The three main factors are behind the shortage are; a large swell of first-time homebuyers looking to stop paying high priced rents, baby boomers looking to downsize and new construction homes being to expensive.  The average new construction home sold for $399,500 in April.

Hottest Markets Throughout the Twin Cities

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Fewer listings means higher prices.  That is especially true for the first ring suburbs, as many of those cities saw a sales price increase of over 10% since last year.  Leading the way, Mendota Heights with a median sales price over 34% higher than April last year, Roseville was next highest and saw a price jump of 23.6% over last year.

Homes have been moving the quickest in New Hope, with only 7 days as the median days on the market.  The biggest change we have seen was in Mendota Heights as well as New Hope, both cities have had the average home sell in more than half the time as it would have in April last year.

As for the cities that have seen the biggest drop in homes for sale year or year, New Hope again takes the cake with 59% fewer homes for sale than this time last year.  Crystal and Shoreview weren't far behind at 55.4% and 53.4% fewer homes for sale, respectively.

With school coming to a close and summer right around the corner, on top of the lowest levels of homes for sale in the past two decades.  It is the perfect time to sell your home, visit here for a free home value analysis.

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