Mortgage Rates: The volatility in the bond and mortgage markets has cooled off for the time being ending March with the national average for mortgage rates at 4.45% for a 30 year, fixed, conventional mortgage.
Homes for Sale: The number of homes for sale typically rises significantly in March to meet the seasonal increase in demand but this March ended with inventory up only 5.3% from February to just over 8,400 homes for sale. That’s down more than 24% from last March and down almost 50% from March of 2013. So as you can see, the inventory crunch continues. To give you some perspective on how this is playing in the market, two of our listings in the median price brackets this month received more than 10 offers.
New Listings: 6,738 new listings hit the Twin Cities market in March which is up 32% from February but down 17.5% from March of last year. There are some other factors at play but I do think that weather and the lack of green grass and green leaves is causing many would be home sellers to temporarily delay their listing and moving plans.
Pending Sales: 5,151 homes came under contract in March which is a very strong month when considering how low the inventory level is currently. That’s up 40% from February, down 10% year over year and up 12% from 5 years ago.
Median Home Prices: The median home price in the Twin Cities of $258,000 in March set a new record high previously held by June of last year. That’s up 3.2% from February, up 9.7% from March of last year and up 46% from March of 2013.
To schedule a free consultation, call us today at 952-222-SOLD (7653).
By Nick Leyendecker, Founder, Associate Broker, REALTOR®