The Snyder Team

June was a busy month for SPAAR President and Snyder Team leader Jennifer Snyder. “In addition to it being ‘that time of year’ when families want to get moved and settled before the new school year, buyers feel that we have finally hit the bottom in terms of affordability,” she said.

Snyder’s sentiments are reflected in statistics released last week for the 13-county Twin Cities metropolitan area. While new listings are down, pending sales are up—nearly one-and-a-half times what they were over last June’s post-tax credit slump.

“Properties that are priced appropriately for the market are moving,” said Snyder. “Listings at all different price points are selling—and in a couple of cases it’s even getting tricky to find the right inventory for a specific buyer—a good problem I haven’t experienced in a while,” she said.

When combined with record affordability, the 5.5% decline in new listings and a 15.9% decrease in inventory add an element of urgency buyers haven’t experienced in some time.

The flow of financially distressed properties onto the market appears to be slowing, and those on the market are selling. Foreclosures and short sales accounted for 38.2% of all sales, the lowest level since June 2010. 

For more details, look at these June statistics: THE 200+ I HOUSING SUPPLY OVERVIEW