The Twin Cities area real estate market is seeing a continuation of trends that have been developing for months: high demand, low supply, quick sales and rising prices, according to the Minneapolis Area Association of REALTORS®.
Breaking down April market metrics:
- The number of sales contracts written in April was up 1.6 percent over April 2015, indicating increasing buyer demand.
- New listings were down 2 percent year-over-year, with homeowners still hesitant to sell their homes. Overall, inventory was down 19.4 percent from last April.
- Median sales price was up 7.5 percent over last year to $231,500, due in part to supply/demand dynamics and the fact that traditional sales (not foreclosure or short sales) made up 90 percent of sales for the first April since 2007.
- The average time a listing stayed on the market was 73 days – down 12 days from last year.
- The months’ supply of homes for sale was 2.6, down nearly 28 percent from last year, indicating a strong sellers’ market for many areas.
(For a helpful visual guide to the months’ supply metric, check out this infographic.)
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The Monthly Skinny
"The Monthly Skinny" is provided by the Minneapolis Area Association of Realtors
*Edina Realty Appointment Center statistics.
Based on information from the Minneapolis Area Association of REALTORS®, Inc. Data collected from the REGIONAL MULTIPLE LISTING SERVICE OF MINNESOTA, INC., for properties in the 13-county region exclusively.