Closed home sales and home prices hit new record highs in the Twin Cities metro last month, despite low inventory that is limiting selection and creating a lot of competition among buyers.
According to new data from the Minneapolis Area Association of REALTORS®, half of homes sold in June took fewer than 20 days to sell and half sold for asking price or higher. In other words, it’s an opportune time to sell a home.
Key insights
(All comparisons are year-over year)
- Median sales price: +7% — $259,000 (New record high)
- Closed sales: +2.2% — 7,430 units (New record high)
- New listings: -.5%
- Number of homes for sale: -16.5%
- Pending sales (signed purchase agreements): +.2%
Economic check up
- Minneapolis-St. Paul area unemployment rate: 3.2 percent
- Average mortgage rates dipped below 4 percent
- Rising wages and a vibrant job market are fostering household formation
Tips for frustrated buyers
If you’re currently in the homebuying process, you know the struggle. Homes are flying off the market and if you do manage to get an offer in, there are often several offers to compete with.
Don’t throw in the towel just yet.
Sellers are being rewarded
Many homeowners are reticent to list their home for a variety of reasons, but if you’re considering taking advantage of the sellers’ market, here are some things to consider:
- 96 percent of Minnesota homeowners have equity (CoreLogic Q1 2017 Equity Report)
- Low inventory means your home stands out
- Buyer competition is driving up home prices
Get tips, checklists and insider secrets to selling your home with the Ultimate Guide to Selling Your Home.
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