Multiple offers were the name of the game in the ‘unicorn’ years following the pandemic, but they haven’t gone away… and this year there was a slightly higher percentage of April sales that closed with multiple offers than in the last two years. Keep in mind that I know there are more than these, but this is what I can document through ‘multiple’ in the listing comments. Bottom line is, be prepared for multiple offers. The winning offer on one of my listings this past week said she lost out on three other properties due to multiple offers and she was ready for this one!
New listings continued to increase, which is good news for buyers. Pending and closed sales also increased a bit in April 2025 compared to April 2024.
This resulted in an increase of 4.5% in the months supply of inventory, which continues to go up. At 2.3 months supply we still have a way to go to get to a balanced market of 5-6 months supply, but it is getting better. Nationally there is currently a 4.0 month supply.
Average days on market before pending increased 8..7%, to 50 days, average percent of list price received was 99.7%, and median sales price increased to $398,900. National median sales price was $403,700.
When we break out activity by price range, $250k-$350k continues to be in shortest supply… makes sense in this popular first time homebuyer price range. It is notable that the supply of condos is rising faster than that of houses and townhouses. If you are planning to buy a condo, expect to have more supply and less competition.
Both new construction and pre-existing homes are growing in months supply compared to last year… again, good news for buyers.
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.
Check with your Realtor for information on what is happening in your neighborhood.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
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