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July 2017 Market Insights

real estate market insights July 2017

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

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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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