Another summer month, another story of climbing home sales prices, faster sales and low inventory — at least for some market segments — according to new data released by the Minneapolis Area Association of REALTORS®.
- Buyers signed 3.1 percent fewer purchase agreements than last July, due to few homes on the market for eager buyers to purchase
- New listings fell 5.5 percent from last July
- On average, sellers are receiving 98.4 percent of their original list price
- The median sales price for July was $239,900 — 6.6 percent higher than last year
A tale of two markets
While talking about aggregate numbers can give us a fairly good understanding of how the real estate market is performing overall, digging in to different areas and price points is where we start to see variances, especially between homes near the median sales price and luxury properties. Let’s take a look at a few market-wide stats and break them down by a couple different price points to find the stories of two markets hiding inside the aggregate numbers.
The stat: Homes in the Twin Cities metro sold in an average of 53 days in July.
- Homes priced $190,000– $250,000 sold in an average of 38 days
- Homes priced $500,000 or more sold in an average of 121 days
The stat: The number of homes for sale in the metro is down 17.6 percent from last July
- Inventory of homes priced $190,000–$250,000 fell 22.8 percent
- Inventory of homes priced $500,000 or more is down just 4.9 percent
The stat: The Twin Cities metro had a three month supply of inventory in July, making it a sellers’ market (Learn more about this metric with this infographic.)
- Homes priced $190,000–$250,000 had a mere 2.1 month supply in July, making the sellers’ advantage even stronger
- Homes priced $500,000 or more had an 8.6 month supply, giving buyers a hefty advantage
Wondering if now might be a good time to make a move, or just interested in what stories the real estate data is telling for your area? A free market analysis from a professional can help you find out. Follow #SellerInsights or #BuyerInsights on Facebook, Instagram, Twitter and YouTube to get more expert advice and insights.
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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.