Condo inventory continues to increase at a higher rate than townhouses… and the number of houses for sale decreased compared to last year for the first month this year.
Breaking out months supply by price range, supply dropped in all price ranges over $200k, but increased in price ranges below $190k, which could be considered first time homebuyer price range.
Overall months supply of inventory was tied with last November at 2.3 months… still a strong sellers market although it is encouraging to see the months supply slowly increasing since a low in 2021. The red line shows a supply balanced between buyer and seller… although it is slowly inching up we still have a long way to go to get back to a balanced market.
New listings were almost flat compared to last year, with a 0.2% decline. Both pending and closed sales increased.
Bottom line was an overall increase in Twin Cities inventory of 2.5% compared to last November, while still following the seasonal trend of lower inventory at the end of the year. Twin Cities inventory has been ahead of last year every month in 2024. Nationwide inventory increased only 0.7% over November 2023.
Days on market before pending jumped up to 50 days, up from 40 days the last two years. Percent of list price received increased by 0.2% again, the same as last year… to 97.6% of list price. Median sales price continued its steady increase, to $375,000.
Listings that closed with multiple offers stated in the listing are still higher than the last two years and before the pandemic, at 10.6%. I know there are more than that, but this is what I am able to document.
Twin Cities change in median home sales price was 3.4% year-over-year growth in November… 4.0% increase on the national level.
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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Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
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