Locally the housing supply isn’t increasing

Apparently, the supply of homes for sale is on the rise in some parts of the country. When I look at actual numbers I don’t see an increase in the Twin Cities Metro area. I am starting to notice that some homeowners are only getting a few offers instead of several but that is probably alright because they can only accept one.

Currently, there is a 1.3 month supply of housing in the metro area.  In several counties including Anoka and Dakota, it is more like a one-month supply. The number of all-cash offers is up.

There are people who planned on moving and who really want to move but can not because they are unable to find the right property to buy and even if they find it they will have to compete with several other buyers and some of those buyers are offering cash.

This trend will not last forever but could last for another 5 years or so unless something changes. Current trends did not start during the pandemic or because of it.

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