If you are a regular reader you know that I like numbers. Right now I am starting to see a shift in the local real estate market. The number of new listings is actually higher than the number of pending sales. The graphic is a snapshot of last week’s activity using data from the NorthstarMLS which is deemed reliable but not guaranteed.
In the past few years, the number of pending listings has been higher than the number of new listings during the peak spring home-selling months. Traditionally March and April are peak home sales months in Minnesota.
The homes that are on the market are still selling quickly and there are still multiple offers. There are a lot of real estate agents advertising that they can list your house and sell it with virtual tours. Keep in mind that photographers are being asked to stay home and that you may be asked to provide your own virtual tour.
Homebuyers are still facing “bidding wars” but that may ease up if this pattern continues for a few more weeks.
Just like everyone else I am staying at home to help stop the spread. I am available to answer questions and help in any way that I can.