Crow Wing County Housing Market Begins to Transition to a Seller’s Market?
For years now we have been hearing how it is a buyer’s market, and things are rapidly evolving in regards to real estate in Crow Wing County. Home sales are up, but housing inventory is down across the nation allowing sellers to now have the upper hand many times.
The latest National Association of Realtors (NAR) existing home sales report continues to show that there is a shortage in the number of inventory homes across the nation. Along with decreased housing inventory we are also seeing an increase in buyer demand.
Below are the key points from the latest NAR Existing Home Sales Report:
- Total housing inventory at the end of January fell 4.9 percent to 1.74 million existing homes available for sale, which represents a 4.2-month supply at the current sales pace.
- This represents the lowest housing supply since April 2005 when it was also 4.2 months.
- Listed inventory is 25.3 percent below a year ago when there was a 6.2-month supply.
- Raw unsold inventory is at the lowest level since December 1999 when there were 1.71 million homes on the market.
Crow Wing County Home Sellers to Benefit
If you are considering listing your home for sale in Crow Wing County take advantage of the law of supply and demand. Housing inventory is at the lowest we have seen in over eight years making now the perfect time to put your Crow Wing County home up for sale.
Lawrence Yun, NAR chief economist, had this to say about the decreased housing inventory, “Buyer traffic is continuing to pick up, while seller traffic is holding steady,” he said. “In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We’ve transitioned into a seller’s market in much of the country.”
If you are looking to buy or sell a home in Crow Wing County, contact me, Bill Grunewald. My team and I enjoy helping folks like you find just the right spot to live your northern Minnesota Lake Country dream.