2015 sales have been higher than 2014 all year, with September pending sales 12.3 above last year.
With sales stronger than new listings, it should come as no surprise that there continues to be a shortage of homes available for sale, 16% fewer than last year at this time.
That translates to fewer days on the market, which continues to hang at record lows at an average of 65 for September 2015, 8.5% below last year. Months supply of inventory dropped to 3.4 months compared to 4.6 months last September.
The laws of supply and demand put upward pressure on prices, which continue to soar above last year. In September 2015 median price was $222,000… 8.3% ahead of last year.
What this all means is that although sales are slowing down as they always do seasonally, we still have a healthy market that is stronger than last year. We have buyers who excitedly look at every new listing that appears in their search. Part of what is slowing the market down is the shortage of inventory… good news for sellers still wanting to sell in 2015.
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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