There’s no question the Rochester, Minnesota real estate market was incredibly active during 2015. And predictions – nationally – are for an even more active 2016.
And yes – even though you live in Rochester – these statistics are specific to your Badger Hills neighborhood. (Assuming of course you’re interested in or live in the Badger Hills area.)
The biggest challenge right now, in the entire area but even more so in Badger Hills, is lack of inventory – it’s historically low. Home inventory levels are reported by a statistic referred to as Absorption Rate. The Absorption Rate is the number of months the current inventory of homes would last – if no other homes came on the market.
A healthy balanced market has a five to six month Absorption Rate. A buyer’s market as more than six months of inventory and a seller’s market has less than six months. As you can see from the stats below – we are definitely in a seller’s market.
Call me if you have questions.