When does the spring market start?
Normally, the spring market starts around the time of SuperBowl. After that, we usually see sellers begin to list their homes for sale, and we see an increase in buyer inquiries and more foot traffic through open houses. This year, however, the abundance of snow and weeks of sub-zero temperatures have slowed the flow of inventory we’d normally see coming onto the market in early spring.
Last year, inventory was very low, but if the numbers are any indication, it’s shaping up to be even lower this year. In Prior Lake in 2018, inventory was down 6% compared to the year before, while in Shakopee, inventory was down 1% during that same time period. When looking back over a two year period, these numbers are more even - Prior Lake’s inventory is down 13%, as is Shakopee’s.
We’re hopeful things will get moving with the improving weather. This will help the buyers in our market, especially those looking under the $350,000 price point—that’s the pocket with the most demand, the least amount of inventory, and the most buyer competition.
If you have any more questions about our local market, or if you’re thinking of buying or selling a home soon, don’t hesitate to reach out to us. We’d love to help you!