3:54 PMThursday, September 17, 2020
Even with a pandemic and an uncertain economy, home buyers remain in strong supply. There’s just one problem. The supply of homes is relatively nonexistent.
“We do have plenty of buyers, we just don’t have any houses for the buyers,” said Michael Doyle of Maple Grove-based Doyle Real Estate Team and Re/Max Results.
According to the Minneapolis Area Realtors, the inventory of homes for sale in August was down to 2,123 in the $250,000 to $350,000 range. That’s down 35% from last year. It’s a 1.3 month supply, whereas a balanced market is generally in the 6-month supply range.
Doyle, a realtor of 22 years, says there are multiple factors at play for the lack of homes on the market. For starters, people are staying in their homes longer.
“It used to be people moved every seven years….