April 2019 Market Insights

Key insights from March 2019 (compared to March 2018)*

• New listings: 6,160 | -8.8%
• Median sales price: $275,000| +6.5%
• Pending sales: 4,526 | -13.0%
• Days on market: 66 | +15.8%
• Inventory: 8,685 | -4.2%
• Months’ supply: 1.8 | 0.0%

From snowiest month to wettest month, weather still impacts the market

Flooding, leaky roofs and wet basements followed February’s record snowfall and this year’s rollercoaster weather seems to still be slowing the real estate market. Despite that, the latest numbers for the region continue to show signs of strength amidst change.

Sellers continue to have strong pricing power with prices still on the rise. They are also seeing favorable negotiating leverage and quick market times.

Although prices continue to climb, the outlook for buyers appears to be improving. The ratio of sold to list price has fallen for four of the last five months, and despite fewer active listings this year over last, buyers have seen an increase in available properties for five of the last six months. Buyers should still expect competition on entry-level priced homes.

The Federal Reserve recently announced that no further interest rate hikes are planned for 2019. Given the fact that the federal funds rate has increased nine times over the past three years, this was welcome news for U.S. consumers, who carry an approximate average of $6,000 in revolving credit card debt per household. Fed actions also tend to affect mortgage rates, so the pause in rate hikes was also welcome news to the residential real estate industry.

Economic check up

• Minneapolis-St. Paul area unemployment rate: 3.4%
• Average rates for 30-year conforming mortgage: 4.17%**
• New construction sales rose 2.3%

The long and the short of it

• Home sale prices are still rising, but steady mortgage rates should help with affordability.
• Lower price points remain in high demand and still favor sellers.
• Due to the extreme weather of February and March, it is still difficult to predict organic market trends.
• New construction remains strong.

Let’s get started

Your home is unique and so is your story. You deserve more than a computer formulated look at your home’s value. Connect with a real person with real experience and local expertise to see what your home could sell for. Reach out to for a free home analysis from a market expert in your area.

*Data courtesy NorthstarMLS for the 16-County Twin Cities metro area for March 2019.

**Data sourced from Freddiemac.com for informational purposes only. Please contact your mortgage consultant for any questions related to specific loan transactions.

Where you live

Edina Realty serves locations across Minnesota and western Wisconsin. Here’s a look at the market indicators where you live. All percent changes are year-over-year.

Alexandria area

• New listings: 114 | -35%
• Avg. sales price: $221,568 | +15%
• Pending sales: 63 | -35%
• Days on market: 85 | +4%
• Inventory: 314 | -26%
• Months’ supply: 3.2 | -26%

Brainerd area

• New listings: 509 | -22%
• Avg. sales price: $218,809 | +17%
• Closed sales: 251 | -10%
• Days on market: 92 | +5%
• Inventory: 1,422 | -24%
• Months’ supply: 3.6 | -25%

Duluth area

• New listings: 396 | -3%
• Avg. sales price: $186,600 | minimal
• Closed sales: 227 | +15%
• Days on market: 68 | -11%
• Inventory: 1,166 | +22%
• Months’ supply: 3.9 | +3%

Southeast Minnesota area

• New listings: 632 | -13%
• Avg. sales price: $211,538 | +2%
• Closed sales: 373 | -13%
• Days on market: 69 | +10%
• Inventory: 1,201 | +6%
• Months’ supply: 2.4 | +14%

St. Cloud area

• New listings: 193 | 0%
• Avg. sales price: $199,450 | +7%
• Pending sales: 136 | -24%
• Days on market: 60 | -13%
• Inventory: 367 | -12%
• Months’ supply: 2.5 | -7%

Northwestern Wisconsin area

• New listings: 800 | -26%
• Avg. sales price: $177,257 | +9%
• Closed sales: 435 | -11%
• Days on market: 179 |-16%
• Inventory: 5,662 | -11%
• Months’ supply: 12.7 | +9%