New listings rose in October 2019, but so did sales… resulting in a drop in months supply in all price ranges over $150,000. With a balanced market considered to be a 5-6 month supply, that means it continues to be a sellers market in all price ranges under $1M.
New listings rose 3.8%, closed sales rose 1.3%, and pending sales rose 4.9%… which should show strong sales in the next months. This sales activity is causing inventory to fall again… with a flat peak this year.
Overall inventory fell 5.8%, but high demand resulted in an 8% drop in months supply of inventory to 2.3 months overall. The single family house segment was most impacted.
Days on market dropped 4.2% compared to last October, to an average of 46 days on market before accepting an offer. Percent of list price received was up 0.1%, to 98.1%. Median sales price continued to rise, this month 5.7% to $280,000. Interest rates are about 1% lower than last year at this time and predictions are they will continue to stay low in 2020, which should continue to encourage buyers to leave the rental market and become home owners.
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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