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November 2019 Market Insights

November 2019 Market Insights

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

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.

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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.

Alexandria Area

  • 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

Brainerd area

  • 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%

Duluth area

  • 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

Mankato area

  • 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%

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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