Twin Cities Real Estate: Recovery to Continue in 2014?

by Alex Stenback on February 12, 2014

2014 Jan Months of supply

The January Stats from the Minneapolis Area Association of Realtors were released this AM.

The jist:

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.


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by Alex Stenback 09.12.2013

The Minneapolis Area Realtors Association has released their August 2013 Real Estate Stats.  You can fins the full report here (pdf!), but this quote from the 4th paragraph is sure to have home sellers (and anyone who has purchased a new home in the last couple of years) smiling: With 18 straight months of year-over-year median […]

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Rising Home Values = Rising Home Equity = Less Underwater Homeowners

by Alex Stenback 09.10.2013

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Twin Cities Real Estate: Prices Up and To The Right

by Alex Stenback 04.10.2013

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by Alex Stenback 11.13.2012

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Testimonial Time Out

by Alex Stenback 11.09.2012

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Now Can We Call the Bottom In Housing? The Fear Bubble Has Popped

by Alex Stenback 06.26.2012

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‘Obama’ FHA Refinance Program: Changes include reduced FHA insurance premiums for streamline refinance program

by Alex Stenback 03.06.2012

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The Obama Refinance Proposal: Don’t Hold Your Breath Just Yet

by Alex Stenback 02.10.2012

I am getting a lot of email on the new “Obama Refinance Plan” that was announced last week. I’ll be back with a more technical breakdown of the key elements of the proposal, but I wanted to poke my head out to make two quick points on this: 1. The Obama Refinance Plan is a […]

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