Inventory fell 5.5% in August 2019… the second month in the last twelve that inventory has fallen rather than risen over the previous year.
New listings fell 2.0% while pending sales increased 3.2%… netting a decline in the supply of homes for sale. Closed sales declined slightly, reflecting the shortage of inventory.
Days on the market before accepting an offer increased by one day to 41 days in August 2019 while % of list price received dropped slightly to 99.0%. It still isn’t time for buyers to expect much in price negotiations. Median sales price increase 7.0% to $286,800.
Months supply of inventory dropped 3.8%, to 2.5 months… still a seller’s market. The property type with the highest supply is single family houses. Townhouses continue to be in shortest supply.
Looking at the market by price range, the price range with the largest gain in sales was the $1M and above range, which had a 14.9% increase in sales. Months supply of inventory increased for price ranges below $150,000 and decreased for the rest. The $120k-$150k price range showed the biggest increase in supply, at 25.0%. The $500k-$1M price range showed the biggest decrease in supply, at 13.1%. It is the only price range which indicates a supply balanced between buyer and seller.
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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