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Market Update

Learn what's happening in your market

TWIN CITIES AREA

May 2016

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.)

Economic check-up

Wondering if now might be a good time sell in your neighborhood? A free market analysis from a professional can help you find out. Follow #SellerInsights on Facebook, Instagram, Twitter and YouTube to get more expert advice and insights.

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.

The Monthly Skinny

"The Monthly Skinny" is provided by the Minneapolis Area Association of Realtors

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