March 2015 Twin Cities real estate market stats are in and show a great start to the selling season. New listings took a nice jump up, 21.4% higher than last year.
Closed sales were also up, 21.0% over last year when closed sales were down 16-17% compared to the previous two years.
But even more significant, pending sales (the indicators of coming closed sales) were up a whopping 30.0% after being down 9.8% last year.
Sellers should be happy to see median sale prices continue to float above recent years, with March 2015 median sale price at $210,000… 10.5% higher than March 2014. Sellers received an average of 95.9% of list price.
With the increase in pending sales higher than that of new listings it should come as no surprise that the total number of homes for sale is still relatively flat compared to last year… as is the months supply of inventory, which has been at 3.3 months in March for the last three years! This indicates it is still a seller's market… it is considered a balanced market when the months supply of inventory is between 4 and 6 months.
With the job market continuing to improve and mortgage interest rates expected to remain where they are at least through June, things look promising for home buying activity this spring.
The figures above are based on statistics for the combined 13-county Twin Cities metropolitan area released by the Minneapolis Area Association of Realtors.
Never forget that all real estate is local and what is happening in your neighborhood may be very different from the overall metro area.
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