If predictions hold true – a continuing inventory crunch, moderate price gains, higher mortgage rates – 2017 will likely be in favor of the seller. On the other end of the spectrum, deals may be harder to come by if the largest potential group of buyers, the millennials, do not start wading into the buying pool with more fervor.
In the Twin Cities region, for the week ending January 7:
• New Listings decreased 15.1% to 969
• Pending Sales decreased 21.1% to 555
• Inventory decreased 25.5% to 8,298