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A Change of Seasons
With kids going back to school and the transition to fall weather, we're also seeing changes in our area real estate market. We're starting to shift from a seller's market to a more balanced one.
New listings have remained flat since August of last year and we're seeing more traditional sales, as opposed to the many bank-owned properties we saw on the market last year.
With kids going back to school and the transition to fall weather, we're also seeing changes in our area real estate market. We're starting to shift from a seller's market to a more balanced one.
New listings have remained flat since August of last year and we're seeing more traditional sales, as opposed to the many bank-owned properties we saw on the market last year.
Here are the numbers:
- Active listings: Up 9% from a year ago, giving us a 4 month supply
- Pending sales: 5,200 units for month of August
- Median home price: Up 5% since last year
- Days on market: Just over 2 months
- Showings per contract: 17-18
Overall, we're looking at a pretty strong market here in Minneapolis and St. Paul. We've had 30 straight months where we've seen an increase in median home sale price, which is a great sign for sellers. For buyers, you're still going to need to make aggressive offers, even though inventory is starting to head toward a more balanced market.
That's our update for this week. If you have any questions about real estate in our area, don't hesitate to reach out to us. We've got the answers you're looking for, and would love to share them with you!
