There were 2.1 months supply of inventory in November 2023, the same as it was in June. It is nice to see the hump over the 2-month line. Condos are showing the greatest supply relative to demand with a 2.7 month supply. Overall, only homes in the $1M+ price range are showing a balanced supply, with 5.5 months.
It is encouraging that new listings were up 5.3% compared to November 2022, but both pending and closed sales were down. Nationally, the National Association of Realtors reported that sales were at their slowest pace since August 2010.
Days on market before pending were the same as last year, at 40 days. Percent of list price received was 97.4% and median sales price rose a modest 2.0% to $362,000.
Multiple offers still were at play in 10.5% of closed sales in November 2023… the same increase compared to November 2022 as in percent of list price received.
Overall median price increased 2.0% year-over-year, defying concerns over falling prices due to rising interest rates earlier in the year.
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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