Market stats this week show we are in vacation mode. I find it fascinating that showings this year were almost exactly the same as last year, after hanging below the last few weeks.
Most metrics fell due to the holiday, but good to see new listings at least holding steady.
Holidays are often a good time to avoid multiple offers as people are focusing their attention elsewhere and this week showed that to be true. Now that we are through June, I pulled a count on listings that showed ‘multiple’ in comments to get a handle on how multiple offers are doing. The chart below goes back 4 years to 2019, which was a relatively normal year. This year started strong, but multiple offers are slowing down which can shed a ray of hope for battered buyers.
Year-over-year weekly new, pending and coming soon listings shown below are on trend.
If you are contemplating a move, your equity gain can help offset the rising mortgage interest rates. The infographic below from our blog at Keeping Current Matters shows average equity gain by state over the last twelve months… national average is $64,000, Minnesota average gain is on the lower end nationwide at $29,000.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
