02/27/2025
🏡Twin Cities Market Update 🏡
The local market is picking up steam as we head toward spring! Here’s a quick update on what’s happening right now:
📊 Market Trends:
• Pending sales are up 7.9% over last week—buyers are staying active.
• Inventory is tightening—homes are selling faster than new ones are being listed.
• 1,000+ new listings hit the market this past week, but demand remains high.
• The Contract Ratio is now 61.0%, the highest since last July, meaning more homes are going under contract quickly.
💰 Mortgage Rates Are Dropping
Rates have declined for nearly a week straight, hitting their lowest point in the last 60 days. This is giving buyers extra motivation to move before prices adjust.
⏳ Homes Are Selling Faster:
• The median Days on Market is down to 15—six weeks ago, it was 28.
• Fewer price reductions & listing cancellations compared to last fall.
• Multiple offers are becoming common again, with some seeing 5+
🔑 What This Means for You:
✔️ Sellers: It’s a great time to list! Buyer demand is strong, and well-priced homes are moving quickly.
✔️ Buyers: Acting sooner rather than later could help you secure a home before competition increases further.
If you’re thinking about buying or selling, let’s connect. I’d love to help you navigate the market and find the best strategy for your goals!