In July 2024 new listings increased 7.2% over last year, while pending sales decreased 4.2% and closed sales increased 1.2%.
What I find interesting is 2024 closed sales have remained very steady the last three months…
… while months supply of inventory has been increasing.
Competition has sustained steadily increasing sale prices even as days on the market have increased and percent list price received has dropped.
Multiple offers are still stronger than they were before the pandemic, with at least 15.5% of sales having multiple offer competition.
The percent change in year-over-year median home sales prices was higher than it was last month, with a 2.7% increase.
Months supply of homes for sale continues to show modest increases across price ranges, with the $250k-$350k price range having the lowest supply and prices over $1,000,000 having the highest supply. Houses and townhouses were tied, and condos continue to have more options for buyers. Only homes priced over $1M are above the balanced market range of 5-6 months supply.
New construction is still going strong, as more buyers have been choosing new as existing existing homes for sale have been in short supply.
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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