As you can see in the chart above, Median sales prices have been steadily climbing since 2012, and the last 12 months average 11.8% ahead of last year. Prices took a big leap the first part of 2021, but the increases over 2020 have tempered the last three months.
Median sales price has been stagnant at $350,000 for June, July, and August while the percent of list price received has dropped after peaking in June.
New listings and pending sales both dropped in August, while closed sales were amazingly consistent with August sales the last 4 years.
Inventory supply continues to drop, but not by as much as in recent months. Days on market until pending dropped by 43.6%, to 22 days… but again not quite as low as the 19 days it was last month.
Months supply by price range and property type inched up in most price ranges, but was surprisingly a little lower in price ranges over $1,000,000. Condos continue to have the biggest supply, but townhome supply fell below houses this month.
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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