Signs still point to a seller's real estate market this spring

February 13, 2019 10:17 PM

March is right around the corner, and the spring real estate market is already starting to heat up.  

Real estate experts say it will likely continue to be a seller's market.

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RELATED: Home sales booming in Twin Cities area

Herb Tousley, the Director of Real Estate Programs at the University of St Thomas, said it's just too soon to say the past year's seller's market has turned into a buyer's market, even if it is starting to even out.  

He pointed to four reasons why it can still be tough for first time buyers:

  • Prices are up about four-to-four-and-a-half percent over last year.
  • New construction is down.
  • With a healthy economy, more people now renting are looking to buy.
  • Investment groups are buying single-family homes and renting them out - taking those homes out of the market.

Melissa Clawson, an agent with Edina Realty, said the true indicator of what type of market we are in is how long homes sit on the market. Right now the average is 45 days.  

Clawson said if homes start to sit for more than four months, it will have shifted into a buyer's market.
 

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Credits

Leah McLean

Copyright 2019 - KSTP-TV, LLC A Hubbard Broadcasting Company

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