Market Update - Spring/Early Summer

Did you know, April is the highest earning month for sellers in Minnesota in the entire year? You read that correctly. If you put your house on the market in April you net more than any other month the entire year. That goes against the common wisdom of "summer" being the best month to put your home on the market. So why is that? Well for one there is more competition in the summer, more people are listing their home. Second, buyers are very eager in the Spring to find something to "beat the summer market" so they are willing to pay more. This creates a perfect storm for sales prices. We can see that in the form below. Also note the 2.5 months of inventory, down a FULL MONTH from this time last year. Wonder why so many homes are selling in multiples? There it is. Overall the market keeps getting healthier and healthier each month. Home prices are rising, days on market are falling, and as long as our inventory rises the buyers will stay in the market!