Home Inventory Down 52% in Lynnhurst Neighborhood

Today in the Lynnhurst neighborhood of south Minneapolis there is only a 0.8 months supply of homes available for sale.  The months supply of homes available for sale in Lynnhurst has dropped 52% over the last 12 months.  We are seeing inventory levels drop all across the Twin Cities region.  Overall, Minneapolis inventory is down 21.7% over the last 12 months, but areas like Lynnhurst, Fulton, Lowry Hill are seeing even faster rates of decrease.  There are just fewer and fewer really nice homes available for sale in really high demand areas of Minneapolis.  I was looking through the recent closed sale transactions over the last weekend and I saw a lot of offers $70,000-$100,000 above the list price on $400,000-$800,000 properties.  So buyers are getting more aggressive and we will probably continue to see increases in sale prices as we get closer to summer.  If you are looking to buy or sell in any of these areas give me a call and I would be happy to help.