Market statistics for June compiled by the Minneapolis Area Association of Realtors (MAAR) continue to indicate we are in a slow recovery mode. The chart below for the combined 13-county metro area shows that the gap between new listings and closed sales is continuing to narrow…a sign we are moving towards a more balanced market.
The absorption rate, the number of months it would take for the current real estate inventory to be absorbed by current buying trends, is also going down. The current rate of 8.4 months is down significantly from our peak of 14.9 months in February. A balanced market is usually considered to be about 6 months.
Using a slightly different measurement, MAAR reports that the number of properties available per buyer is down compared to last year for the first time so far this year…another indicator that we are on a slow path to recovery.
Average sale prices bumped up again compared to last month and % of sale price-to-original list price is holding.
Click here for links to full reports including numeric data for the combined metro, as well as 125 different Twin Cities communities.
