What's going on in the Twin Cities market? We're seeing some interesting trends, so I wanted to give you a quick update.
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A lot's going on here in the Twin Cities market, so I wanted to give you a quick update.
New listings are down about 8% from last year to roughly 8,000 homes for sale on the market. The number of active listings stands at about 11,000 right now, which is a decrease of about 20% compared to this time last year. Pending units—homes that have gone under contract but have not yet closed—stand at about 6,000, which is an 8% decrease from this time last year.
Inventory is down and home values are up.
This is all probably due to the lack of inventory on the market.
The median home price has jumped up to $246,000, which is a 6% increase from where we were at this time last year. The average days on market, or the average amount of time it takes a home to sell, is at 58 days currently. That's also an improvement from last year.
The final and perhaps most interesting recent statistic from our market is that in the last 30 days, 22% of properties in the marketplace had some kind of price adjustment.
If you have any questions about our market or any specific neighborhoods, don't hesitate to give me a call or send me an email. I'd be glad to help however I can!
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