October closed sales were virtually the same as last year… 4,633 in 2015 vs 4,4632 in 2014!
New listings were only 2.6% behind last year…
…but October 2015 total homes for sale lagged 16.7% behind 2014.
Pending sales were 3.3% ahead of last year, but months supply of inventory was only 3.2 months vs 4.3 months in 2014… drop of 25.6%.
In spite of the seasonal drop in median sale price, October sale price was still 4.9% ahead of last year at $218,000.
It continues to be a seller's market, with average days on market at 70, even lower than last year. It will be interesting to see if interest rates rise as predicted… and what impact that will have on sales. Even if rates rise, however, they are still historically extremely low.
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 – Email – Minneapolis – St. Paul Real Estate Market
HomesMSP Team- Sharlene, John, Angela – Minneapolis-St. Paul Realtors