Twin Cities Housing Market Improving
Bridgette Bornstein
Reporting
(WCCO) The Twin Cities Realtors Association said there is some evidence that the local market is on an upswing.
Realtors said January has been especially good for market activity.
The average sale price of a home in the Twin Cities in December was about $286,000, according to the Twin Cities Association of Realtors.
That's up 2.2 percent over the previous December.
At a time when the Twin Cities housing market seemed to be stalling, a house on Minnehaha parkway took off. It was recently sold and there wasn't just one offer -- there were three competitive bids.
"It came down to the right advertising. It came down to getting a house fully staged that's never been lived in," said Edina Realty realtor Daren Jensen.
It was more than just the great amenities. There's something else going on the market, some new energy. Daren Jensen has sold three properties already this month.
"Even though it may be a buyers' market, the sellers who are prepared and have their houses in tip-top order are selling and they're selling quickly," said Jensen.
Realtors say they've seen evidence of an upswing, especially in January. There have been multiple offers on homes, more activity on the web and at open houses.
Edina Realty said 80 percent of the serious buyers are looking at homes online. After surfing the listings for months, Shelley Buttkey's ready to buy. In fact, she plans to make an offer on a home tomorrow.
"I feel like I have more time to think about it where other friends that have bought years ago said they had to put an offer on the table right when they walked in," said home buyer Shelley Buttkey.
Realtors said the frenzy sellers enjoyed a couple years ago is over, and now the market is stabilizing.
"I think its great news for buyers and for sellers -- and interest rates are supporting everything. I think we're going to have a great year," said Jensen.
The affordability index has reached an 18 month high in the Twin Cities. That's more good news because it's a measure of how much home buyers can afford.
Edina Realty just pulled all their open house listings out of the Sunday papers. They're still doing newspaper advertising, but instead directing buyers to their online listings.
After surveying people who showed up at open houses, the real estate company found that most people were getting the information from the Internet.
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