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Edina Realty Market Insights September 2017

Twin Cities real estate market insights

While a slowdown in the market is not unusual at summer's end, the reason for this year's lighter sales activity is somewhat unusual. Home sales in August lagged behind the previous year primarily due to the shortage of homes available for sale, according to new data from the Minneapolis Area Association of REALTORS® (MAAR).

Key insights
(All comparisons are year-over-year)

  • Median sales price: +6.8% — $252,000
  • Average days on market: -14.3% — 48
  • New listings: +.7%
  • Number of homes for sale: -16.7%
  • Pending sales (signed purchase agreements): -2.6%

Economic check up

Starter homes are in high demand

Homebuyers looking for homes under $200,000 are experiencing the tightest market right now. High demand on these properties causes fast sales and bidding wars on starter homes.

New construction may help certain buyers

One way buyers can get into a home without fighting for limited inventory is new construction.

Curious about building? The Parade of Homes runs through Oct. 1. Visit new construction homes and models and learn about trends in home building. Before you head out on your tour, search new construction properties on edinarealty.com.

Buyers are looking for homes like yours. Get tips, checklists and insider secrets to selling your home with the Ultimate Guide to Selling Your Home.

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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