Posted in: Market insights

Market Insights December 2017 | Edina Realty

Housing market insights for MN and WI

The holiday season is upon us and while traditional thought suggests that homebuying and selling is put on hold during this time of year, those within the industry know different. Let’s take a look at how the 13-county Twin Cities market shaped up last month.

Key insights from last month*
  • New listings: -7%
  • Median sales price: +7% — $245,000
  • Pending sales (signed purchase agreements): +4%
  • Average days on market: -11% — 56
  • Number of homes for sale: -24%

Inventory remains a challenge

Real estate news has sounded like a broken record over the last year or two: Low inventory continues to challenge many areas and buyers are competing over very few listings. And even with the holidays around the corner, dedicated buyers are still writing offers in strong numbers. November saw an increase in year-over-year pending sales despite a drop in new listings and available inventory.

Where home prices increased the most

The median sales price for homes in the Twin Cities metro reached $245,000—a record for a November. Experts believe next year will be similar to 2017, with tight inventory, especially in the starter home segments, and rising sales prices.

Wondering where home prices are rising the fastest? Here are the top five area cities that saw the strongest gains in price per square foot from Nov. 2016 to Nov. 2017:

  • Hopkins: +37%
  • River Falls, Wisc.: +30%
  • Stillwater: +25%
  • Fridley: +23%
  • Isanti: +21%

Economic check up

*All data courtesy NorthstarMLS for the 13-County Twin Cities metro area for November 2017.

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Status Definitions

For sale: Properties which are available for showings and purchase

Active contingent: Properties which are available for showing but are under contract with another buyer

Pending: Properties which are under contract with a buyer and are no longer available for showings

Sold: Properties on which the sale has closed.

Coming soon: Properties which will be on the market soon and are not available for showings.

Contingent and Pending statuses may not be available for all listings