Record level of homes for sale in metro

After several years of what real estate experts call a sellers' market, the Twin Cities housing market may be leveling off, as a record-number of homes are listed for sale.

“Last year at the same time we had about 23,000 properties on the market,” says Gregg Roeglin of the Minneapolis Area Association of Realtors. “Now we're at about 33,000 properties on the market."

New listings for March are at an all-time high, up 23 percent compared to last year. The nearly 11,000 new listings are the eighth-consecutive monthly record increase.

The housing selection is at an all-time high, as homes that would previously sell in two to three months now sell in four or five months.

Sellers need to be aware of the increase in supply.

"You need to be sharp on your price, sharp on condition and homes that are well-located will also be very attractive,” says Roeglin.

The changing market is good for buyers, just in time for the home-buying rush in May and June.