Home sales in the Maple Grove market are up 4.1% year-to-date while the number of homes for sale has dropped 39.9%.
With just a 3.6 month supply of homes for sale, the number of homes is below the 5 month supply that is considered a "balanced market" meaning the market is considered tilted in favor of sellers, a welcome change to many home-owners.
Driving this decline in inventory is a drop in bank-owned and lender-mediated short sale homes listed which are down 19.9% and 25.7% respectively while "traditional" owners selling their homes are up 4.1%.
With rents up, exceeding the cost of home ownership in many cases and interest rates at all time lows, the rate of home sales is not expected to decline, at least through the typically robust summer home-buying season.
Data and graphics courtesy of the Minneapolis Area Association of Realtors
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