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July 2019 Market Insights

July 2019 Market Insights

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

  • New listings: 8,473 | -3.1%
  • Median sales price: $290,000| +7.2%
  • Pending sales: 6,305 | -2.9%
  • Days on market: 40 | 0%
  • Inventory: 12,063 | -1.3%
  • Months’ supply: 2.5 | 0.0%

Demand for starter homes continues to rise

Housing prices continue to rise with the median sales price for June reaching another all-time high at $290,000. While rising prices typically result in more seller activity, homeowners are finding limited options for downsizing, and the number of June new listings slowed with a decrease of 3.1 percent. Not surprising, pending and closed sales also reflected a decrease when compared to June of last year.

There is a clear need for increased housing options in the under $300,000 range, but homebuilders are facing challenges as the costs associated with new construction are also on the rise. Regulations and the increase in land, labor and materials result in new supply in the luxury market instead of more affordable products. There is still significant demand from homebuyers, especially millennials and baby boomers, for affordable price points. This continues to create a seller advantage with quick market times and often multiple offers for entry-level homes. However, buyers are seeing improvements as April and May both showed an increase in the number of listings from the prior year.

Mortgage rates remain low at around 3.81 percent on a 30-year fixed loan. Unemployment rates also remain low—all signs of a healthy economy.

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Economic check up

The long and the short of it

  • Prices reached a new all-time median high of $290,000.
  • June saw a decrease in both new listings and closed sales.
  • Lower price points remain in high demand and still favor sellers.
  • New construction has slowed but does continue to rise, showing a 2.0 percent increase.

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*Data courtesy NorthstarMLS for the 16-County Twin Cities metro area for June 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: 174 | -10%
  • Avg. sales price: $246,522 | +9%
  • Pending sales: 142 | +14%
  • Days on market: 47 | -15%
  • Inventory: 445 | -19%
  • Months’ supply: 4.7 | -15%

Brainerd area

  • New listings: 858 | +4%
  • Avg. sales price: $236,710 | -1%
  • Closed sales: 515 | -3%
  • Days on market: 58 | -16%
  • Inventory: 2,006 | -9%
  • Months’ supply: 5.1 | -11%

Duluth area

  • New listings: 671 | -2%
  • Avg. sales price: $219,013 | +7%
  • Closed sales: 393 | 0%
  • Days on market: 45 | +5%
  • Inventory: 1,720 | -1%
  • Months’ supply: 5.7 | -20%

Southeast Minnesota area

  • New listings: 731 | -6%
  • Avg. sales price: $242,774 | +7%
  • Closed sales: 751 | -8%
  • Days on market: 51 | +24%
  • Inventory: 1,435 | +2%
  • Months’ supply: 2.9 | +7%

St. Cloud area

  • New listings: 247 | +3%
  • Avg. sales price: $224,544 | +7%
  • Pending sales: 232 | -4%
  • Days on market: 46 | +15%
  • Inventory: 410 | -4%
  • Months’ supply: 2.7 | -4%

Northwestern Wisconsin area

  • New listings: 1,392 | +3%
  • Avg. sales price: $190,659 | +6%
  • Closed sales: 837 | -1%
  • Days on market: 159 |-10%
  • Inventory: 6,858 | -3%
  • Months’ supply: 12.2 | -8%

West Central and Southwest Minnesota area

  • New listings: 387 | -6%
  • Avg. sales price: $156,188 | -1%
  • Pending sales: 298 | +9%
  • Days on market: 81 |-16%
  • Inventory: 1,136 | +2%
  • Months’ supply: 5.1 | +2%

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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