Oh, boy, I pity the homebuyer looking for a home for sale in Bloomington. I feel your pain – there’s not a lot on the market right now and still lots of competition for homes that are in good condition.
Let’s take a look at what happened in November’s Bloomington real estate market and some items of interest on a year-end basis. (Remember, our local MLS monthly releases are statistics from the previous month).
Bloomington’s median sale price
The median sale price of a home in Bloomington increased just more than 5 percent over this time last year and now sits at $213,000. Good news for Bloomington homeowners who are thinking of selling their homes in the near future: the year-to-date median price is $219,000, a nearly 8 percent increase over last year’s.
Inventory of available homes in Bloomington
Fewer homes came on the market last month compared to this time last year and more homes sold so, naturally, the number of available homes for sale in Bloomington has greatly decreased. Our inventory dwindled to a mere 1.8 month supply of homes for sale. That’s one of the tiniest inventories in the Twin Cities Metro.
East vs West Bloomington
Although you’ll find better deals in East Bloomington you’ll also be faced with a drastically reduced inventory of homes for sale here. The median sale price is $189,900 in the east while West Bloomington’s is $237,000.
West Bloomington has more than three times the number of homes on the market than you’ll find in East Bloomington and homes in the latter are selling significantly quicker than those in West Bloomington.
What to expect
The Fed voted last week to raise interest rates one quarter of one percent. Yes, it’s a small increase, but since it is the first time in nearly a decade that they’ve raised rates, it’s likely that mortgage rates will rise from the rock-bottom levels we’ve become accustomed to. This will naturally price a lot of budget buyers out of the market so if you’re hoping to buy a house in Bloomington, do so now before the higher rates kick in.