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The Twin Cities Housing Review December 2019

Twin Cities Real Estate Review

Even as we advance into the new year, we have one piece of unfinished business to conclude in 2019 before closing the books. The Twin Cities housing market numbers are out for December, and here is the story they told.

It’s a tale that is long in the tooth by now about a market that is struggling to find balance. Limited inventory at lower price points makes the real estate market in the Twin Cities a seller’s dream. Even in the face of strong demand and insufficient stock, millennial buyers are achieving the objective of buying their first home.

Housing Inventory

While new listings for December saw a gain of 3.9%, overall inventory levels were down 19.6% compared to December 2018. The townhouse segment, down 12%, lost the least inventory, while single-family homes were down 20.8%, and condos lost 14.2%. The month’s supply of inventory for December was dipped 21.2% overall. In the Twin Cities metro, we saw 1.6 months of supply for single-family homes (down 20%), 1.1 months for townhomes (down 8.3%), and 1.5 months for condos (down 11.8%). 

Real Estate Sales

Closed sales in the Twin Cities were up 13% in December, and pending sales were up 8.2% compared to the same time from the previous year. The category with the most significant gain in sales was single-family homes, with the most robust sales falling in $500,001 to $1,000,000 pricing tier, up 17.2%

Home Property Values

Fueled in part by limits on inventory, home values continue to gain traction. The 12-month rolling median sales price of a home in the Twin Cities...