The number of closed sales took another leap last month, according to July statistics released by the Minneapolis Area Association of Realtors. Not only were July closed sales about 26% above last year…they were also about 16% above two years ago!
After inching up for the last few months, new listings dropped again last month following seasonal trends.
Increased sales and decreased listings means the total supply of homes available for sale continues to hang way below the last two years.
There is a distinct difference in both sales and supply by price range, however. Sales are up in prices below $190,000 and gradually decrease as the prices go up. It only follows that the months of available supply is just the opposite…with only a 3.4 month supply of homes available under $120,000 but a 40.3 month supply of homes available over $1M.
This increase in lower priced sales is what has been dragging down the median sale price, which dropped a bit again after several months of modest increases.
The months supply of homes available also continues to vary by property type. The months supply of houses is again below 2006 levels at 6.6 months, townhomes are below 2007 levels at 8.5 months, and condos are below 2008 at 11.9 months. The market is considered to be balanced between buyer and seller with a 5-6 month supply of homes available for sale.
The figures above are for the combined 13-county Twin Cities metropolitan area. Click here for links to the full July combined report as well as local reports for 125 metro communities.
Sharlene Hensrud, RE/MAX Results - Email - Twin Cities Market Info
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