The monthly Market Update you rely on to help make sense of the Twin Cities real estate market is now called Market Insights. We’re providing the same #BuyerInsights and #SellerInsights to help you make the most of the market. Now, on to this month’s Market Insights.
Buyers are grabbing up homes faster than sellers can put them on the market, leading to the most active market in a decade. In May, the number of contracts written on homes was up nearly 20 percent over last May. New listings increased by just .3 percent over last year and inventory fell 6.8 percent.
This inventory squeeze is prompting competition among buyers and is helping to sell homes faster and for higher prices.
- The median sales price rose by 6.7 percent to $224,000.
- The median days on market fell nearly 8 percent to 35 days.
If you’ve been waiting for the “right market” to sell, this low-inventory environment is giving rise to multiple offer sales. It’s important to be prepared to handle multiple offers on your home - get some tips here.
The townhome market segment is picking up steam; over the last 12 months, sales have increased more than any other segment and are on the market for the shortest period of time.
Townhomes may be attractive to first-time homebuyers, who are eager to escape ever-increasing rents, as well as those hoping to downsize. Both populations benefit from the stability of a mortgage, and they often avoid the yardwork and maintenance that come with owning a single family home.
Here are some additional insights from last month:
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.