This has been an encouraging year with inventory levels rising throughout the first part of the year, but they fell 4.4% in July 2019 compared to July 2018.
Falling inventory was likely influenced by other key indicators that were up… new listings up 1.8% but sales up even more with pending sales up 3.2% and closed sales up 4.5%.
Days on market before pending was the same as last year, at 38 days. Percent of original list price received was almost the same as last year, at 99.7%… still very strong. Median sales price continued to rise due to supply and demand, up 5.9% over July 2019.
Months supply of inventory dropped 4.0%, to 2.4 months. Months supply by property type was the same as last year, with townhouses in shortest supply.
Months supply increased in price ranges under $150,000 and increased in all other price ranges. The market is balanced between buyer and seller only in price ranges $500,000-$1,000,000.
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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