July 2015 Real Estate Update… days on market at record lows

If it seems like SOLD signs go up almost as soon as the FOR SALE sign goes up you aren't far from the truth. Days On Market are at record lows, but the average is still 63 days from listing to pending. Buyers will likely tell you it seems more like one or two days… the ones that look good and are priced right often have offers almost as soon as they hit the market!

2015-07-historical DOM

All data comes from NorthstarMLS. Powered by ShowingTime 10K.

It makes sense that days on market would be dropping as new listings fall below the previous year for the first time since 2012.

2015-07-new listings

Even though pending sales in July were lower than in June they were still above last year, depleting the supply of homes for sale.


Both a falling number of new listings and strong pending sales contributed to the inventory of homes for sale landing at 11% below last year at this time even though the actual supply continues to grow. All of this  contributes to added buyer frustration and dropping days on market.

2015-07-total homes
Although down from June as is usually the case as we transition from the upward first half of the year to the downward second half of the year, July median sale price was up 4.7% over last year, at $225,000.

2015-07-median price

With anticipation of rising interest rates, buyer activity is likely to remain strong this fall… also creating good opportunities for sellers.

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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Sharlene Hensrud, RE/MAX Results – EmailMinneapolis – St. Paul Real Estate Market

The team at HomesMSPSharleneJohnAngela Minneapolis-St. Paul Realtors


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I love what I do! Highly insightful, analytical and creative, there is nothing I love more than helping you find the right solution for your real estate transition. My mission is to serve my clients with honesty and integrity, exceeding their expectations in service and support… and to help others by donating a portion of every transaction to Habitat for Humanity.

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