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Local Housing Market Suffers from Inventory Shortage

5:33 PM | Friday, March 2, 2018

Starter homes are selling like hotcakes right now with houses getting multiple offers and going for much higher than the list price.

“I’m going to say a typical home under $250,000 is getting at least a half a dozen offers. I’ve seen as high as 23 offers on a house and offers go as high as $50,000 over list price,” says Jerry Moscowitz, a realtor with Re/Max Results. “We’ve seen seller’s markets and buyer’s markets, but the amount of homes right now that are out there compared to the amount of buyers is as one-sided as I have ever seen.”

The numbers tell the story. On Friday, March 2, there were 20 homes for sale under $350k in Brooklyn Park. There were only 11 in Plymouth and only six in Maple Grove.

In the smaller suburbs, which usually have more starter homes on the market, it’s a similar picture. There were only eight homes listed for sale in Robbinsdale, five in Crystal and only two in New Hope.

“If you are not seeing a house in the first couple of days, more than likely it’s gone. We’re seeing 75-80 percent of homes that are coming on the market gone in the first week and if a house stays on the market a week, we’re wondering what is wrong with it,” says Moscowitz.

The winners of this tilted market include homes that are on busy streets or not in the best of locations. In a market where houses are tough to find, these houses might sell more quickly than they would have otherwise.

 

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Shannon Slatton, reporting

Brooklyn Park | Crystal | New Hope | Plymouth | Robbinsdale

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