After a trend over the last nine months of a monthly increase in new listings compared to the previous year, new listings in February 2019 dropped 14.3% compared to February 2018. Is this a new trend or simply a response to the most snow in February history? I tend to think Minnesota weather this year played a big role, but time will tell.
New listings were down 14.3%, closed sales were up 4.0% and pending sales were also down a bit, at 7.4%.
Overall inventory supply was down 5.7% compared to last February, but still didn’t drop as much as previous years.
Median sales price continued its steady rise to $265,600 in February 2019, 5% over February 2018. Percent of list price received dropped a tiny bit, to 97.7%… still strong for sellers. Days on the market held steady over last year at 69 days… again possibly impacted by the many days in February when it was hard to get out because of ice and snow.
Overall months supply of inventory dropped 5.9% compared to February 2018… still a strong seller’s market at 1.6 months. (The market is considered balanced at 5-6 months supply.) Townhomes continue to be the housing style in shortest supply.
Homes priced $120k-$250k still have less than a one-month supply and prices up to $350k aren’t much better at only 1.3 months.
The announcement that the Feds do not plan to raise interest rates again this year should come as good news to buyers. Hopefully spring weather will bring more homes on the market, I know I have sellers getting ready.
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 – shensrud@homesmsp.com
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