Home sellers outpaced buyers in the Twin Cities metro last month, but not enough to right the market back into balance, according to a January sales report from the Minneapolis Area Association of Realtors (MAAR).
The trade group’s monthly market update showed 4,304 new property listings in the Twin Cities metro, 3.1 percent more than last year. At the same time, buyers signed 3,130 purchase agreements, a 4.3 percent increase. Still, there’s not enough options for buyers, mostly first-timers, and that’s putting upward pressure on prices, dampening sales. During January, 8,212 properties were on the market, 25.4 percent fewer than the same period a year ago and the fewest in 14 years.
Noting that the uptick in new listings during January was the second biggest monthly gain in nearly a year, MAAR President Cotty Lowry said that 2017 is off to a strong start.
“If that is sustained,” he