The City of Bloomington real estate market is tight and good for buyers, but competitive for buyers. In April of 2016, prices in Bloomington are up 13.7%, which is more than double the Twin Cities average in April 2016, compared to the same time last year according to the Minneapolis Association of Realtors.
Housing supply is tight in Bloomington, about 1.5 months in April 2016, down one month from 2015, which was 2.5 months. New listing inventory is down 5.6% in April, giving sellers an advantage in Bloomington. Buyers, on the other hand, are finding themselves writing multiple offers, close to list price, or even above list price in some cases, with limited contingencies to secure their purchases.
If you are buying or selling a home in Bloomington, it’s important to work with a Realtor who knows the market, and plans a strategy for a successful purchase or sale.
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