(KMSP) - It has been a wild winter for real estate in the Twin Cities, which typically doesn’t start to pick up until March. Many agents agree, however, that spring came much earlier this year.
January set a real estate record – though it’s not one potential buyers want to hear about. According to the Center for Real Estate at the University of St. Thomas, the number of homes on the market in the Twin Cities hit a record low last month, which means it’s a seller's market, and houses are being picked off before they’re listed.
Real estate agent Nouk Haschka says she hasn't seen a lack of inventory like this is a long time, and it's making for a competitive market.
“Last week, I put a property on the market. I had 40 scheduled showings the first two days, and I had several offers,” she said.
Real estate experts say the metro needs to see a significant increase in home availability by summer or prices will begin to increase at a faster rate; great news for sellers, bad news for buyers.
Now, it’s important to watch for the rise in home prices outpacing the rise in income, because that's when we will have an affordability issue, and with a lack of inventory, real estate experts fear that's where we're headed.