Posted in: Market insights

March 2017 Market Insights

March 2017 Market Insights

While buyers are running full speed ahead into the spring real estate market, sellers did not keep pace with new listings, according to new information released by the Minneapolis Area Association of REALTORS®.

Key insights:

  • Sellers listed 5,418 homes—7.5 percent fewer than last Feb.
  • The inventory of existing homes for sale fell another 25 percent from last year.
  • Pending sales were essentially flat compared with last year.
  • The median sales price increased 7.6 percent to $223,000.
  • The overall average days on market was 82—14 days faster than last year’s 96-day average.
  • Homes priced $500,000 and above are experiencing around a 30 percent increase in sales activity over last year.

What’s keeping homeowners from selling?

Even while existing inventory and new listings continue to decrease, the fact that pending sales are still on par with last year is a testament to the high levels of motivation among buyers.

With buyer demand soaring, homes selling quickly and often in multiple offers, what is holding sellers back? One sticking point for potential sellers is worry about facing a tough buying market once their home has sold.

A professional Realtor can offer creative solutions such as reverse contingencies, short-term transitional housing and more.

Considering new construction

Whether you’re a buyer who can’t find the right home with the limited inventory available, or you’re a homeowner who is thinking of selling but is nervous about finding a new home, new construction can be a good solution.

Start your search for a new construction home and find insights about the building process.

Economic check up

Join over {{'43232' | number}} subscribers

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