June was a busy month for SPAAR President and Snyder Team leader Jennifer Snyder. â€œIn addition to it being â€˜that time of yearâ€™ 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,â€ she said.
Snyderâ€™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 upâ€”nearly one-and-a-half times what they were over last Juneâ€™s post-tax credit slump.
â€œProperties that are priced appropriately for the market are moving,â€ said Snyder. â€œListings at all different price points are sellingâ€”and in a couple of cases itâ€™s even getting tricky to find the right inventory for a specific buyerâ€”a good problem I havenâ€™t experienced in a while,â€ 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 havenâ€™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.Â