Key insights from April 2019 (compared to April 2018)*
- New listings: 7,679 | +4.5%
- Median sales price: $281,000| +5.2%
- Pending sales: 5,698 | -1.1%
- Days on market: 56 | +5.7%
- Inventory: 9,667 | -1.2%
- Months’ supply: 2.0 | 0.0%
Despite the season’s late start, April marks the beginning of an active spring market
After months of unpredictable weather slowing activity, new listings are once again on the rise with a 4.5% increase over April of last year. Pending sales are also on the rebound, falling just 1.1% even with the season’s late start.
Overall, the residential real estate market appears to be rebalancing, however, competition is still fierce for entry-level, turnkey homes where multiple offers are still common. The move-up and upper-bracket segments are less competitive and better supplied. April’s inventory of homes for sale decreased slightly compared to the prior year, however, that may be a result of spring’s slow arrival.
Prices continue to gain traction. The median sales price increased 5.2 percent to $281,000. The average days on the market increased 5.7 percent to 56. New construction and condo sales continue to be on the rise.
The national unemployment rate dropped to 3.6 percent during April 2019, the lowest level since 1969. This historically low unemployment rate can provide reassurance to wary consumers. But for sales to increase on a grand scale, buyers will need more spending power and greater home affordability. Neither situation is likely to occur in 2019, yet inventory is straining to keep pace when it comes to affordable housing.
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Economic check up
- Minneapolis-St. Paul area unemployment rate: 2.7%
- Average rates for 30-year conforming mortgage: 4.07%**
- New construction sales surged 20.3%
The long and the short of it
- Home sale prices are still rising, but the middle and upper bracket homes are starting to see more balance and supply.
- Lower price points remain in high demand and still favor sellers.
- New construction sales are very strong, and condo sales are also on the rise.
- Local dynamics play a major part in residential real estate.
Let’s get started
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*Data courtesy NorthstarMLS for the 16-County Twin Cities metro area for April 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: 202 | +6%
- Avg. sales price: $204,372 | -2%
- Pending sales: 101 | -27%
- Days on market: 75 | -18%
- Inventory: 399 | -13%
- Months’ supply: 4.2 | -9%
Brainerd area
- New listings: 682 | +13%
- Avg. sales price: $219,342 | -2%
- Closed sales: 303 | -10%
- Days on market: 80 | -8%
- Inventory: 1,584 | -16%
- Months’ supply: 4.1 | -15%
Duluth area
- New listings: 545 | 0%
- Avg. sales price: $187,703 | -2%
- Closed sales: 239 | +10%
- Days on market: 67 | -13%
- Inventory: 1,309 | +15%
- Months’ supply: 4.4 | -4%
Southeast Minnesota area
- New listings: 827 | +7%
- Avg. sales price: $216,468 | +5%
- Closed sales: 415 | -11%
- Days on market: 65 | +14%
- Inventory: 1,326 | +9%
- Months’ supply: 2.6 | +13%
St. Cloud area
- New listings: 254 | +14%
- Avg. sales price: $194,355 | +2%
- Pending sales: 211 | +7%
- Days on market: 60 | +7%
- Inventory: 379 | -7%
- Months’ supply: 2.6 | -4%
Northwestern Wisconsin area
- New listings: 1,275 | +28%
- Avg. sales price: $172,027 | +7%
- Closed sales: 531 | -14%
- Days on market: 210 |+12%
- Inventory: 6,214 | -6%
- Months’ supply: 13.8 | +13%
West Central and Southwest Minnesota area
- New listings: 366 | +15%
- Avg. sales price: $142,381 | minimal
- Pending sales: 226 | -11%
- Days on market: 123 |+12%
- Inventory: 1,017 | +6%
- Months’ supply: 4.7 | +9%
