The summer market has drawn to a close, but the fall market is looking to be seasonably warm with a strengthening economy and housing market indicators that continue to show year-over-year improvements, according to data from the Minneapolis Area Association of REALTORS®
Insights for the 13-county Twin Cities metro
- Pending sales were up 12.2 percent over August 2014
- The number of homes on the market dropped a sizable 13.6 percent from last year
Homes are selling faster and for higher prices:
- The median sales price was $224,900, up 2.7 percent over last year
- Homes are selling for an average of 99.3 percent of their final list price, indicating that buyers submit nearly full-priced offers once a home is priced right for the market
- The average time for a home to be on the market was 64 days in August, which is just one day above a 9-year record low of 63 days in July of this year.
Home buying conditions:
The market doesn’t hibernate
Fall is a great time to buy or sell a home. While some folks may want to hunker down until spring, serious buyers eager to move before harsh weather and the holiday season are ready to go and sellers can benefit from less competition.
Fall is also the time for the Parade of Homes and for thinking about new construction.
Be sure to check out our #BuyerInsights and #SellerInsights on social media, as well as our News and Insights page that has tons of insights you can use.
Learn what's happening in your market
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.