After nearly a year of inventory growth, total homes for sale fell below last year in June 2019. At least it was only 1.3% below June 2018.
It should then come as no surprise that new listings, pending and closed sales also fell behind last year… they are all interconnected. New listings dropped 3.1%, pending sales dropped 2.9% and closed sales dropped 3.4%. The good news is they were all relatively small changes.
Days on market before pending was the same as last year, at 40 days. Percent of original list price received dropped to 100.0%… still very strong. Median sales price continued to increase due to supply and demand, up 7.2% over June 2018.
Months supply of inventory continues to be the same as last year, both in overall supply and by type. Townhouses continue to be in shortest supply.
When looking at months supply by price range, there was a very slight increase in nearly all price ranges. Supply and demand is most balanced in the $500,000-$1,000,000 price range.
The bottom line is the real estate market has been holding remarkable steady year-over-year, while showing slow progress to a balanced market.
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
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