Key insights from October 2019 (compared to October 2018)*
- New listings: 6,258 | +3.8%
- Median sales price: $280,000 | +5.7%
- Pending sales: 5,070 | +4.9%
- Days on market: 46 | -4.2%
- Inventory: 11,607 | -5.8%
- Months’ supply: 2.3 | -8.0%
A strong start to the fourth quarter
The latest numbers for Twin Cities residential real estate show sustained market strength. Historically low interest rates continue to support buyer activity with pending sales up 4.9% over last year, consistent with the steady rise seen since mortgage rates dropped below 4% last June.
New listings increased 3.8% in October to nearly 6,300 properties on the market. Continuing the market’s upward trend, the median price of a Twin Cities home rose to $280,000, up 5.7% over last year.
October reversed a trend of increased days on market and continued September’s reversal of sellers accepting a slightly lower share of their list price compared to last year. With increased sales activity, quicker market times and sellers yielding strong offers, it’s no wonder more sellers decided to list. October’s months’ supply of homes for sale was down 8% to 2.3 months.
Fannie Mae is predicting continued low mortgage rates throughout 2020. Although the colder months typically signal slower real estate activity, buyer demand will likely continue due to those low rates. Home prices may also continue to increase as a result. Throughout much of the U.S., low housing inventory continues to stand in the way of a balanced market.
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Economic check up
- Minneapolis-St. Paul area unemployment rate: 2.4%
- Average rates for 30-year conforming mortgage: 3.75%**
- Traditional sales increased 4.8%; foreclosures sales dropped 21.1%; short sales fell 55.6%
- The median sales price increased 5.7%
The long and the short of it
- Prices continue to rise; the October average sales price was $325,381.
- Previously-owned sales and new construction sales increased.
- The average, cumulative number of days on the market declined to 46 days.
Let’s get started
Your home is unique and so is your story. You deserve more than a computer-formulated look at your home’s value. Connect with a real person with real experience and local expertise to see what your home could sell for. Reach out for a free home analysis from a market expert in your area.
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*Data courtesy NorthstarMLS for the 16-County Twin Cities metro area for October 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.
- New listings: 100 | no change
- Avg. sales price: $214,635 | -17%
- Pending sales: 89 | -5%
- Days on market: 55 | -28%
- Inventory: 419 | -6%
- Months’ supply: 4.5 | no change
- New listings: 441 | +7%
- Avg. sales price: $254,888 | +17%
- Closed sales: 461 | -3%
- Days on market: 72 | +4%
- Inventory: 1,750 | -7%
- Months’ supply: 4.4 | -6%
- New listings: 368 | +2%
- Avg. sales price: $217,418 | +13%
- Closed sales: 381 | +10%
- Days on market: 54 | -5%
- Inventory: 1,686 | +7%
- Months’ supply: 5.5 | -4%
Southeast Minnesota area
- New listings: 627 | +18%
- Avg. sales price: $225,802 | +1%
- Closed sales: 563 | +7%
- Days on market: 51 | -16%
- Inventory: 1,497 | +1%
- Months’ supply: 2.9 | -3%
St. Cloud area
- New listings: 146 | -16%
- Avg. sales price: $209,494 | +10%
- Pending sales: 152 | +25%
- Days on market: 52 | +24%
- Inventory: 406 | -10%
- Months’ supply: 2.7 | -7%
Northwestern Wisconsin area
- New listings: 809 | +1%
- Avg. sales price: $191,005 | +5%
- Closed sales: 762 | +6%
- Days on market: 142 |-13%
- Inventory: 6,343 | -4%
- Months’ supply: 9.7 | -8%
West Central and Southwest Minnesota area
- New listings: 306 | -8.1%
- Avg. sales price: $165,820 | +7.7%
- Pending sales: 260 | +20.4%
- Days on market: 83 |-10.8%
- Inventory: 1,144 | -1.3%
- Months’ supply: 5.1 | no change
- New listings: 206 | +6%
- Avg. sales price: $198,618 | +5%
- Pending sales: 138 | -12%
- Days on market: 99 |+8%
- Inventory: 710 | +13%
- Months’ supply: 4.2 | +20%