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