How's the real estate market? Overall indicators point to a return to normalcy… sellers are selling, buyers are buying, lenders are lending, builders are building. What is perhaps most significant, however, is that all sectors are involved… first-time homebuyers moving out of apartments or their parents' homes, move-up buyers finally leaving cramped quarters, Baby Boomers moving on to different space.
It continues to be a seller's market, with only a 3-4 month supply of inventory for a whole year… historically very low and an incentive for sellers to move on. September's supply was at 3.6. (Balanced is a 5-6 month supply.)
New listings are on their normal downward slope towards the end of the year, but still ahead of last year.
Total supply of homes for sale still is hovering below last year but has been holding amazingly steady… will be interesting to see if we finally cross above last year in October.
Closed sales took their normal drop after summer season…
…as did pending sales.
Median sale price dropped in September, but prices are still the highest they have been any month since 2008. Keep in mind that prices also reflect the kind of properties that are selling.
People in the industry feel things slowing down in typical fall fashion… but properties are still selling, had two new listings sell in a matter of days this past week. Buyers eagerly await new listings.
The figures above are based on statistics for the combined 13-county
Twin Cities metropolitan area released by the Minneapolis Area
Association of Realtors, with the historical chart coming directly from them.
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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Sharlene Hensrud, RE/MAX Results – Email – Twin Cities Real Estate Market