I think it’s safe to say that while all of our Twin Cities real estate markets are booming right now, Bloomington’s is especially heated. The latest MLS statistics only prove that point.
Although new listings have increased 3.2 percent over this time last year, they were up 17 percent last month. Are homeowners still reluctant to put their homes on the market or just too busy with summer vacation planning? That remains to be seen as we get deeper into summer.
The best news in the statistics goes to Bloomington homeowners ― the area’s median sales price has increased 11 percent over this time last year. It's up over last month's as well. The median price in Bloomington last month was $211,750 and this month it’s $229,000.
The statistics for those hoping to purchase a home in Bloomington tell us that you’ll need to act quickly when you find a home you like. Our inventory of available homes has tumbled another 7.1 percent over last year but buyer interest in the area is still quite high. Expect lots of competition for homes priced right and in good condition.
East Bloomington Real Estate Market
East Bloomington’s real estate market has the tightest inventory of available homes. Inventory shrunk another 6.6 percent -- it's to the point now where we have an almost-unheard of 2 months’ supply of homes for sale. That is one of the lowest inventories in the Twin Cities. A “balanced” market offers a 6-month supply of homes.
The median sales price in East Bloomington saw a healthy increase; it’s up 22 percent over last year to $220,000.
West Bloomington Real Estate Market
West Bloomington homeowners don’t seem to be as reluctant to sell as do their counterparts to the east. The number of new listings increased more than 8 percent over last year and we had 20 percent more closed sales. The median sales price of a West Bloomington home increased 8.7 percent and now sits at $249,950.
Finally, inventory in West Bloomington has actually increased (as it did last month) 11.9 percent. This is the side of town in which to shop for a home if you are "allergic" to competition.
Image by James Patterson [CC BY 2.0], via Wikimedia Commons.