March 2016 real estate market update… inventory 20.6% below last year

New listings are trending straight up as they should be at this time of year, with March 2016 almost the same as last year according to data recently released by the Minneapolis Area Association of Realtors.

2016-03-new listings

Pending sales, however, are spiking up more strongly… up 12.6% compared to last year.

2016-03-pending sales

This resulted in a 20.6% decrease in inventory compared to last March. So far this year the total number of homes for sale is significantly below that of recent years, and even further below supply going back more than 10 years.

2016-03-total homes

Buyers don't have to look at stats to know that the selection of homes for sale is very low… as is months supply of inventory and dropping days on market before sale. These all indicate a continued strong seller's market.

2016-03-DOM-months supply

Prices and percent of list price received continue to rise. Just because average percent of list price received was 96.7%, don't expect that on new listings… the good ones tend to sell within days for full list price or more.

2016-03-price-percent received

We are now moving into the second quarter of the year, typically the strongest months to list a home for sale. Hopefully we will get enough new listings to feed buyer demand. Right now that is the only things holding pending sales back from spiking up even higher.

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.

Click here for local reports on 350+ metro area communities

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

HomesMSP Team- SharleneJohnAngela Minneapolis-St. Paul Realtors

RELATED POSTS

Written By

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.

Subscribe to Our Newsletter for Market Updates & Mid-Century Modern Listings

Our weekly HomesMSP Update includes current local market information and a curated list of mid-century modern properties for sale, plus posts from an inspector, a lender, a stager, info about neighborhoods, life in the Twin Cities… even recipes!
Hidden

Blog Categories

Archives

Sharon and John Hensrud

About Us

The HomesMSP Team is committed to meeting you where you are and listening… really listening to understand you so we can use our extensive knowledge of the market and local neighborhoods to give you personalized service.