A recent article from the National Association of Realtors discussed the challenges buyers are facing in 2017 with lack of inventory to purchase. The article states that listings are down 7% on average across the country compared to a year age and down 18% in the Minneapolis market. Similar statistics are appearing in the Itasca County market as well.
What does that mean for buyers and sellers? Buyers, more than ever, need to have their finances in order when they start looking for homes so they know what they can qualify for and look solid to sellers when they do find a home to buy. Even though this type of market is usually called a seller's market sellers still have to be aware of the actual market - only because inventory is low doesn't necessarily mean sellers will get a higher than market price for their property.
Average market time in Itasca County is still around 175 days and the average sale price is up 4% (based on all properties). The list price still needs to be in the ballpark for what is being sold, condition of the property and lot, and appraise out. The one thing that has changed for sellers is no need to wait for the spring market - go ahead and get it your place listed if you are planning to sell this year. Buyers are out and they are waiting for new things to hit the market!