Twin Cities median home sale prices have been steadily climbing since 2011, with the average year-over-year growth for the last 12 months at 5.9% for September 2017.
Percent of list price received is still high, at 98.1%, which continues to bolster prices. Median sales price for September 2017 was 3.5% over September 2016
New listings are on their downward slide to the end of the year, with pending sales following suit.
Inventory of homes for sale in Septmeber 2017 is 16.7% below last year, an even bigger year-over-year drop than last year’s 12.2% drop.
Where it stops being a seller’s market and shifts to the benefit of buyers is in price ranges over $500,000… which is great for move-up buyers. If you are thinking about making a move and selling a home under $500k to buy a home over $500k you have the best of both worlds… selling in a seller’s market and buying in a buyer’s market.
Townhomes continue to be in shortest supply, as downsizing Empty Nesters leave their houses in search of fewer maintenance responsibilities and more freedom to travel… sometimes moving closer to children and grandchildren.
The figures above are based on statistics for the combined 16-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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