Minneapolis, MN, June 01, 2017 (GLOBE NEWSWIRE) -- Today RE/MAX INTEGRA, Midwest released its 2017 Spring Market Trends Report providing insight into the latest housing data and trends, including the top factors contributing to low housing inventory, across Indiana, Minnesota and Wisconsin as the summer buying season heats up.
There is a surplus of buyers who are fiercely competing for fewer homes compared to this time last year. According to the report, which profiles 19 markets in the three Midwest states, there are several major reasons why inventory is even tighter in 2017:
- Nervous potential sellers who are waiting to sell because they fear they won’t be able to afford or find their next home
- More millennials have entered the market in the Midwest region because they can afford and want homes for their families
- A lag in new affordable home construction, compounded by the fact that lumber prices are increasing
“Our RE/MAX real estate brokers and agents are seeing homes sell before there is a sign in the yard and the listing hits the internet,” said Fiona Petrie, vice president and regional director for RE/MAX INTEGRA, Midwest. “An experienced agent has never been so valuable to buyers who want to find a home in this competitive market and sellers who are trying to get top dollar for their homes on their terms.”
Strong economies, low unemployment rates, good mortgage rates and the availability of affordable homes in markets across the three states are all factors driving people to purchase homes, according to RE/MAX brokers surveyed and interviewed in the 2017 Spring Market Trends Report.
Sellers are taking advantage of the low inventory situation and getting higher prices for their homes. The median sales prices for homes rose to at least 6 percent in most markets in Indiana, Minnesota and Wisconsin in the last year. Also in many cases, according to RE/MAX brokers, sellers are getting multiple offers without having to negotiate with buyers.
“It is clear from the report there may not be a better time to sell,” said Petrie. “For buyers, it’s all about making themselves attractive to sellers by having their preapprovals for mortgages ready, eliminating contingencies and offering cash.”
Click here to download a full copy of the report.
Median Residential Sales Price
| Market | April 2016 | April 2017 | Percent Change |
| Indianapolis | $150,000 | $160,000 | + 6.7% |
| Fort Wayne | $119,900 | $125,000 | + 4.3% |
| South Bend | $118,250 | $126,000 | + 6.6 % |
| Lafayette | $145,000 | $157,000 | + 8.3% |
| Evansville | $128,000 | $126,000 | - 1.6% |
| New Albany | $154,900 | $157,750 | + 1.8% |
| Bloomington | $163,000 | $145,000 | - 11% |
| Minneapolis/St. Paul | $231,000 | $245,500 | + 6.3% |
| Rochester | $165,500 | $179,900 | + 8.7% |
| Duluth | $148,750 | $145,001 | - 2.5% |
| St. Cloud | $156,500 | $166,250 | + 6.2% |
| Brainerd Lakes | $162,000 | $167,800 | + 3.6% |
| Mankato | $147,491 | $150,000 | + 1.7% |
| Milwaukee | $144,450 | $150,000 | + 3.8% |
| Madison | $239,000 | $264,000 | + 10.5% |
| Sheboygan | $127,250 | $123,000 | - 3.3% |
| Wausau | $128,750 | $142,500 | + 10.7% |
| Eau Claire | $159,950 | $166,000 | + 3.8% |
| Green Bay | $158,000 | $165,000 | + 4.4% |
*Data may represent multiple counties and region around listed city.
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About RE/MAX INTEGRA, Midwest
RE/MAX INTEGRA, Midwest is the regional entity for RE/MAX franchises in Indiana, Minnesota and Wisconsin, with headquarters in Indianapolis, IN and Minneapolis, MN. Since its inception in 1985, the region has grown to more than 250 offices with approximately 3,700 sales associates, providing residential and commercial real estate, as well as relocation and referral services.
Integra Enterprises Corporation is a privately held company headquartered in Toronto, Ontario, Canada. Integra is the largest sub-franchisor of Denver, Colorado based RE/MAX, LLC. Representing approximately 30 percent of RE/MAX worldwide with more than 27,000 agents, Integra operates RE/MAX regional headquarters in Massachusetts; Minnesota; Indiana; Toronto, Ontario, Canada; Vienna, Austria; and Zug, Switzerland. Integra’s proven operating model supports its membership with a highly accessible and responsive regional leadership team delivering proprietary business development, training, marketing, and event management services from each of its regional offices.
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Attachments:
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/1cde8915-be01-4e84-a420-2b6108167aa4
Attachments:
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/d9560cb5-001b-4370-bea0-a6a2f9f830c6