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Rachael Harvey
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612.804.6001
RachaelHarvey@
edinarealty.com

Licensed in MN (Agent), WI (Agent)
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Rachael Harvey

612.804.6001

RachaelHarvey@edinarealty.com

Market Update

Learn what's happening in your market

TWIN CITIES AREA

September 2016

The Twin Cities metro area is continuing its trajectory of steady, moderate growth in sales and home prices, according to new data from the Minneapolis Area Association of REALTORS®.



Market highlights

  • Pending sales were up 7.9 percent over August 2015
  • The median sales price was up 5.7 percent over last year
  • The average time a home was on the market was 55 days – 9 days shorter than last August
  • The months’ supply of homes for sale is 2.8, indicating a continued strong sellers’ market

Tight inventory is expected to persist

While new listings were up 2.1 percent over last August, overall inventory dropped nearly 19 percent year-over-year, an indicator of strong buyer demand and seller hesitance.

Sellers are expected to continue to be slow to list their homes, partly because many don’t want to face the tough buying market after selling their own home. But there are solutions to that problem, including new construction and tactics that can help buy you time to find the right home.

Upper bracket highlights

Overall market numbers paint a picture of high demand and fast sales, but they don’t reflect conditions for every market segment. For homes priced over $500,000, sellers and buyers should expect very different conditions.

  • Inventory of homes over $500,000 was down just 4.8 percent from last year
  • The months’ supply of homes on the market is 8.3 — a buyers’ market
  • The average days on market is 126 days for homes priced over $500,000

Economic check-up

Wondering if now might be a good time to make a move? 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.

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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