The January Stats from the Minneapolis Area Association of Realtors were released this AM.
Buyers closed on 2,536 properties overall, a 12.8 percent decrease from last January. Once again, traditional sales were up 6.2 percent while foreclosure sales and short sales fell 34.7 and 54.3 percent, respectively. Twin Citizens shopping for homes now have 11,690 properties to choose from – or 10.6 percent fewer than last January.
Emphasis (mine) added on that final sentence. Inventory in our view here at Behind the Mortgage is THE key to continued recovery in our real estate sector, and has thus far been the biggest struggle for the “ready to buy right now” set of homeowners.
Put another way, there is barely 2.5 months of supply out there – by far the lowest level in a decade or more (see graphic heading this post.)
With nearly every other metric looking good (prices up, days on the market <100, fewer foreclosures and short sales, low unemployment in the region) what this market needs to sustain a recovery is inventory.
And it needs it now. So go ahead and list that house of yours.