Median sale price continued its steady monthly upward climb in April 2019, rising 5.2% over last year but also below the 9.0% rise from 2017 to 2018… possibly a sign things are slowing down a bit as inventory increases.
Another sign could be the drop in percent of list price received… not much, but the average is at least not over list price. Even days on market before sale has increased a little, while months supply of inventory settled to the same as last year after being ahead of last year for seven straight months.
After new listings dropped compared to last year in the last two months in the dead of winter, they increased again compared to last year as they did for the prior seven months in spite of our April weather challenges. It wasn’t enough to bring total inventory ahead of last year, but it was only 1.2% behind compared to last year’s drop of 18.3%. Pending sales lagged about the same percent behind last year, at 1.2%.
It continues to be an incredibly tough market for buyers in price ranges under $250,000… and not much better going to up $350,000… all with 1.6 months supply of inventory or less. It loosens up a bit in the $350k-$500k range but buyers will tell you it is still competitive and hard to get or even find the property you want. It is finally approaching a more normal market in the $500k-$1M price range.
Townhomes continue to be the property type in shortest supply, in high demand for buyers on both ends of the age spectrum.
Warming temperatures, longer days and lower interest rates should all contribute to a bustling market in the next few months as greening and blossoming continues.
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 – shensrud@homesmsp.com
RELATED POSTS
