Thriving Housing Market Shows Resilience - Weekly Market Report Ending June 17th 2023

Thriving Housing Market Shows Resilience 

Weekly Market Report Ending Week June 17th 2023

In a world where economic fluctuations often dominate the headlines, the housing market has proven time and again to be a resilient force. The Weekly Market Activity Report for the week ending June 17, 2023, paints an optimistic picture of the real estate landscape. Despite a few temporary setbacks, the overall market shows signs of strength and potential for growth. Let's delve into the key findings and explore the exciting opportunities that lie ahead.

Increased Housing Supply in Favor of Buyers:

One of the most notable findings of the report is the 20.8% annual increase in the number of homes available for sale. This surge in inventory is primarily driven by remarkable gains in the South, where inventory rose by an impressive 54.4% year-over-year. Homebuyers in more affordable metropolitan areas, particularly in the South and Midwest, are benefiting from this trend. The market is gradually tilting in their favor, providing an excellent opportunity to find their dream homes.

Regional Insights: Twin Cities Region:

The Twin Cities region, while experiencing a slight downturn in some areas, still showcases a resilient housing market. Although new listings decreased by 17.3% and pending sales decreased by 17.2% for the week ending June 17, it's essential to view these figures within the broader context of a flourishing market. The modest decline is merely a temporary fluctuation, and there are numerous reasons to remain optimistic.

Steady Market Indicators:

While the Weekly Market Activity Report highlights a decline in certain metrics, such as new listings and pending sales, it's crucial to remember that these figures are subject to short-term fluctuations. Instead, let's focus on the broader indicators that demonstrate the overall health of the market.

The median sales price, a key measure of market stability, decreased by a modest 1.3% to $370,000 in May. This slight adjustment suggests a market that is finding equilibrium, where buyers and sellers can engage in fair transactions. Days on market increased by 65.2%, which may seem concerning at first glance. However, it's a reflection of buyers taking their time to make informed decisions, ultimately leading to a more stable market.

Furthermore, the percent of original list price received only experienced a slight decrease of 2.9% to a still impressive 101.1%. This demonstrates that sellers are receiving excellent value for their properties, and buyers are finding reasonably priced options. Additionally, the months supply of homes for sale increased by 28.6% to 1.8, providing buyers with a broader range of choices and reducing the pressure to make rushed decisions.

Opportunities for Homebuyers and Investors:

In light of these market dynamics, it becomes evident that now is an opportune time for prospective homebuyers and investors to make their move. The increased housing supply, particularly in affordable metropolitan areas, presents a unique chance to secure a desirable property at an attractive price.

For investors, this market provides exciting opportunities for long-term growth. The slight decrease in median sales price coupled with stable indicators reveals a favorable climate for those seeking to build a real estate portfolio. By entering the market now, investors can position themselves for future prosperity.

While short-term fluctuations may create temporary concerns, the Weekly Market Activity Report for the week ending June 17, 2023, emphasizes the resilient nature of the housing market. The increased housing supply in the South, coupled with promising market indicators, sets the stage for a prosperous future. Homebuyers and investors alike can take advantage of this moment to secure their dreams and make prudent financial decisions. The real estate landscape remains full of potential, and with the right strategy, everyone can find success in this thriving market.

Buyers:

If you're a buyer and have questions about the home buying process, be sure to download my Ultimate Buyers Guide. 

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Looking For A LOAN OFFICER? Check out Jane & Zach Johanns with New American Funding by  CLICKING HERE. You can even apply for pre-qualification right on the site.

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Sellers:

If you’re a seller, now might be the right time for you to put your home on the market.