The heated summer sales season is showing signs of cooling, as closed sales of residential homes in Minnesota declined 3.0% compared to August 2020.
Despite shrinking inventory, buyers scrambled to purchase homes, competing with multiple offers that drove the median sales price up 11.3% to $316,000. The number of homes for sale declined 25.0%, leaving a 1.5-month supply of properties for sale.
Read the full report: https://bit.ly/MNR_Aug21HousingReport
“Economic growth and the acceleration in inflation have moderated in the last month, giving the markets comfort and leading to a stabilization in mortgage rates,” said Sam Khater, Freddie Mac’s Chief Economist. “Heading into the fall, home purchase demand is stable, home sales remain firm and above pre-pandemic levels, and inventory of unsold homes is tight but improving modestly. These factors will allow for home price pressures to ease over the remainder of the year.” [emphasis added]
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Fall is just around the corner, so it's time to be thinking about pre-winter home maintenance and getting things done while the weather allows. Have you been considering selling your home and/or purchasing a new house? There's still time to get that done this fall too! I'd love to have an opportunity to talk with you about that. Let's set up a time to meet.
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Though buyers were out in full force in July, housing supply was outpaced by demand, as new listings declined -0.2% and closed sales fell -8.7% compared to 2020. As buyers chased scarce inventory with multiple offers, the median sales price rose +12.5% to $315,000, setting another historic high. On average, sellers were receiving 102.7% of their asking price.
Read the full report: https://bit.ly/MNR_July21HousingReport
As closed sales rise and inventory shrinks, new listings can’t keep paceCompetition for scarce housing stock defined Minnesota’s real estate market in June, pushing the median sales price to $325,000, up 18.9% above June 2020, according to Minnesota Realtors® (MNR), the membership organization supporting all 22,000 Realtors in the state. Closed sales rose 12.9% over last year, and a surge of new listings brought 11,908 properties to the market, a 6.5% increase. In a key indicator of the frenzied sales activity, days on the market sank 45.7% to just 25 days—a historic low. Overall, the state’s number of homes for sale were down 40.8% compared to last June, with only 1.2 months of supply available. On average, sellers were getting 103.2% of the asking price, pushing the average sales price to $367,753, +9.3% above 2020. This is an unprecedented milestone.
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The Minnesota spring housing market stayed strong in May, with closed sales up +14.5% and pending sales increasing by +9.4% over 2020. Once again demand continues to squeeze available inventory as new listings only inched above last May’s levels at +0.2% - a cycle that likely will only be broken by increased inventory or higher interest rates that slow demand.
Read the full housing report: http://bit.ly/MNR_HousingReport_May21
FROM "BRING ME THE NEWS" (bringmethenews.com)
The Twin Cities real estate market is showing few signs of cooling off.
Minnesota Realtors on Monday revealed its latest monthly housing market report for the Twin Cities. In the seven-county metro region, the media sale price in May 2021 was a whopping $350,000. (That's up from $300,000 in May of 2020.)
Houses are lasting an average of just 22 days on the market, with sellers receiving 104.1% of the list price.
Overall, demand remains high while supply is still low, with less than a month's supply of inventory on the market, according to Minnesota Realtors. CLICK HERE TO READ MORE
News stories like this are very interesting and highlight the intensity of the current market, but don't let them overwhelm you. We can help you navigate the market, find a home, and negotiate a deal. Let's connect and talk about it!
Closed sales were up +10.9% over last April as pending sales soared +32.0%, and new listings surged +18.2%, according to Minnesota Realtors® (MNR), the membership organization supporting all 22,000 Realtors in the state. But the rapidly heating market was tempered by the widening gap between buyer demand and available inventory. With just a one-month supply of housing inventory available, the number of homes for sale dropped 51.7% from 17,634 homes in April 2020 to only 8,519 homes this April. The median sales price hit $305,000, a +10.9% increase over last April, and days on market shriveled -25.0% as multiple offers on properties became the norm. On average, properties were selling for +102.1% of the original price, a 3.3% bump over 2020.
When buying or selling a home, it's important to understand the market and gain helpful insights to help you achieve the best results.