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December 2012 Twin Cities Real Estate Update from Wilhelmy Homes

Statistics are in from December 2012's real estate market in the Twin Cities. Steve Wilhelmy of Wilhelmy Homes gives us the update.

Maple Grove, MN, January 19, 2013 --( For those who like the statistical side of market trends, Steve Wilhelmy of Wilhelmy Homes explains the December 2012 real estate statistics for the Twin Cities metro area.

There were 3,380 closed transactions in December. About the same as last year. These numbers are always compared to the same month last year because it takes into account the holiday season in December. You can't compare it to say, May, because that's when real estate is super busy.

Good news; median price was up 16% to just shy of $168,500 across the entire Twin Cities area. The days a house was on the market also dropped off dramatically 23% down to 108 days, so just over three months, which is just phenomenal. That's the time the homes went on the market to the time the homes were sold, which also ties into month's supply. Month's supply is down 42% to 2.9 months. According to all the statistical heads or people that have really understood the market for years, when the market has about six months of inventory, it's at a balanced inventory with roughly the same number of buyers as sellers. Right now, at 2.9 months, The Twin Cities metro area is in a seller's market, so if home owners are looking to sell their house, it's a great time because there are a lot of buyers out there looking compared to the number of houses available on the market.

Also, the amount of new inventory is down. 2,853 listings last month went on the market. That's 15.5% lower than last year, so remembering back to high school economics class, if the market has less supply and the demand stays the same or goes up, prices are going to go up. Now, can one tell you that prices are going to go up dramatically? No, but since prices are up 16% from this time last year, it certainly does look like prices are on the increase. That's what the numbers are saying. The inventory is definitely down, so if someone asks, "When is the right time to put my house on the market?" Now is the time. The statistics say now is the time. The holidays are past and the market has already seen an uptick in demand the first part of January here.
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Wilhelmy Homes
Steve Wilhelmy

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