Bloomington balancing of the market = strong economy

The 2018 Fall market in Bloomington, MN has been changing.  In the Spring of this year the inventory could not keep up with the number of buyers wanting to buy, hence a "sellers market". This is all good although it is important to focus on price and the importance of price in the market. 

As of today, October 1, 2018, there is an increase in inventory and as inverse relationships go there is a decrease in prices.  Notice there is an increase in days on the market and many price changes.  Enclosed is the last week in Bloomington.  There were 45 new listings and 22 price changes, 5 back on the market many times after a price change and 11 cancelled or expired. This all points to the balancing of the market. 

Market Watch

New Listing (45)
Price Change (22)
Back on Market (6)
Cancelled (6)
Closed (39)
Expired (5)
Pending Status (31)

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Don't worry this is good!

It is always important that the market balances throughout the year.  As consumers we don't want the prices to go too high too quickly because it will cause inflation so corrections are good!

Warnings:
1. This Fall is a strong market although it is short so pricing is important to be conservative and correct so that your home sells before winter.
2. Price attracts buyers first, it is how they start their search.  Price it right to get the best buyer with the best price.

Enjoy the process and follow the flamingos!

Resource: Northstar MLS