March 2024 real estate market update… inventory continues to grow

March inventory continues to be well above the last two years, closer to May levels… good news for buyers struggling with a shortage of inventory available to buy.

Inventory was helped by new listings coming on the market faster than closed sales taking properties off the market. March pending sales increased, meaning the situation could change in April… depending on how many new listings come on the market.

Months supply of inventory increased 20% over last March, but has remained stubbornly constant the last four months… a sign of an increase in buyers who are finally tired of waiting and responding to the increase in inventory.

Days on the market before pending went down and % of list price received went up a bit due to competition… pushing median sale price up to $366,000, 2.8% ahead of last year at this time.

Percent of listings that closed with multiple offers indicated in the listing was lower than the last three years, but still stronger than the years before the pandemic and enough to push up % of list price received and median sales price.

March year-over-year price increase by month was the lowest so far this year at 2.8%, but still higher than all of last year.

Breaking it out by price range, homes priced in the $250k-$350k price range are in lowest supply, with only a one-month supply. Condo supply continues to grow, perhaps hampered by recent HOA insurance challenges. If a condo is in your future, this year could be a good time to buy.

Months supply of previously owned homes was 30% above last year, while supply of new construction homes was down 23.9% compared to March 2023.

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+ area communities

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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