Weekly real estate market update 8/11/23… new listings finally catch up to last year

New listings finally increased to virtually tie with last year after hanging significantly below all year. We don’t know what next week will show, but the fact that we were able to touch last year’s number at least once is encouraging.

Showings also popped up again this week, following the trend ahead of the last two years since May. Again no guarantees it will continue but more than three months is enough to indicate a trend. More than anything, it illustrates that buyers are still out there, competing for new listings as they come on the market.

Multiple offers increased again along with new listings.

If you have been wondering if the market is favorable to sellers, the answer is yes. Inventory is still about half what it would be a normal market generating high demand, and prices are strengthening again. The chart below shows how this year’s price changes compare to the last two years.

Our market is doing better than the rest of the country. See nationwide data below from our blog at Keeping Current Matters.

Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com

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I love what I do! Highly insightful, analytical and creative, there is nothing I love more than helping you find the right solution for your real estate transition. My mission is to serve my clients with honesty and integrity, exceeding their expectations in service and support… and to help others by donating a portion of every transaction to Habitat for Humanity.

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