December 2019 Market Insights

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

• New listings: 3,970 | -1.3%
• Median sales price: $279,900 | +5.6%
• Pending sales: 4,034 | +2.8%
• Days on market: 51 | -1.9%
• Inventory: 10,011 | -9.2%
• Months’ supply: 2.0 | -9.1%

New home sales on the rise from last November

The latest numbers for Twin Cities residential real estate show no big surprises with the one exception of new construction activity. Residential new construction activity is on the rise nationally. The U.S. Commerce Department reports that new housing permits rose 5% in October to a new 12-year high of 1.46 million units. In the Twin Cities, new construction sales climbed 5.3%.

New listings were down a slight 1.3% with 3,970 properties hitting the market in November. Prices continued a steady rise with the median price of a Twin Cities home at $279,900, up 5.6% over last year. Pending sales were up 2.8%. The number of available homes for sale fell 9.2% from last November, offset by the increase in newly built homes.

Residential properties continue October’s trend of moving more quickly. November’s months’ supply of homes for sale was at 2.0 months, dropping over 9%. Mortgage rates continue to remain steady at historic lows. All signs point to solid demand in the coming year. Buyers can expect the market to remain highly competitive in homes priced under $250K.

For a look at what to expect in the year ahead, check out market predictions from Edina Realty President Sharry Schmid.

Economic check up

• Minneapolis-St. Paul area unemployment rate: 2.5%
• Average rates for 30-year conforming mortgage: 3.73%**
• Foreclosures sales dropped 34.7%; short sales were flat
• The median sales price increased 5.6%

The long and the short of it

• Prices continue to rise; the November average sales price was $326,077.
• New construction sales climbed 5.3%.
• The average, cumulative number of days on the market declined to 51 days.

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 for a free home analysis from a market expert in your area.

*Data courtesy NorthstarMLS for the 16-County Twin Cities metro area for November 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: 69 | +41%
• Avg. sales price: $200,420 | -13%
• Pending sales: 56 | -16%
• Days on market: 62 | -13%
• Inventory: 378 | +8%
• Months’ supply: 4.1 | +17%

Brainerd area

• New listings: 246 | -3%
• Avg. sales price: $221,248 | -2%
• Closed sales: 392 | +12%
• Days on market: 71 | +4%
• Inventory: 1,498 | -6%
• Months’ supply: 3.8 | -5%

Duluth area

• New listings: 204 | -14%
• Avg. sales price: $191,715 | -1%
• Closed sales: 304 | +10%
• Days on market: 55 | -7%
• Inventory: 1,423 | +2%
• Months’ supply: 4.6 | -8%

Southeast Minnesota area

• New listings: 440 | +23%
• Avg. sales price: $218,476 | +2%
• Closed sales: 508 | +24%
• Days on market: 52 | -10%
• Inventory: 1,397 | +7%
• Months’ supply: 2.7 | no change

St. Cloud area

• New listings: 107 | +34%
• Avg. sales price: $203,318 | +6%
• Pending sales: 100 | +16%
• Days on market: 57 | +2%
• Inventory: 362 | -8%
• Months’ supply: 2.3 | -12%

Northwestern Wisconsin area

• New listings: 534 | -7%
• Avg. sales price: $185,011 | +6%
• Closed sales: 651 | +8%
• Days on market: 130 |-14%
• Inventory: 5,768 | -8%
• Months’ supply: 8.8 | -38%

West Central and Southwest Minnesota area

• New listings: 192 | +1%
• Avg. sales price: $149,776 | -7%
• Pending sales: 237 | +2%
• Days on market: 87 |-11%
• Inventory: 1,038 | -6%
• Months’ supply: 4.5 | -8%

Mankato area

• New listings: 132 | -2%
• Avg. sales price: $207,413 | +9%
• Pending sales: 99 | -20%
• Days on market: 95 |+3%
• Inventory: 633 | +8%
• Months’ supply: 3.7 | +12%