Minneapolis a 'Seller's Market' for Homes

As buyers continue to snap up houses faster and faster than new ones come on the market, the situation for Southwest Minneapolis homeowners looking to sell is looking pretty rosy.

That's according to a new report in this week's edition of the Southwest Journal. 

Fran Davis, sales manager and distinctive homes coordinator at Coldwell Banker Burnet Minneapolis Lakes Office, said low inventory means buyers now have to compete with one another for houses.

“Properties that are in good condition, well located and priced well are selling quite quickly, sometimes in multiple offers,” Davis said.

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“(Baby Boomers) moved out in the ’70s, ’80s and ’90s to get more bang for their buck, and they did,” (Edina Realty's Zeb) Haney said.

 With their children now out of the house, these buyers want the convenience of the city lifestyle and want to scale down their lot sizes, he said.

Still, the Journal warns, it's not entirely a bed of roses for sellers, with home prices still depressed from pre-2008 highs.