Twin Cities Housing Market Review June 2019

Twin Cities Housing Review June 2019

MN Realtor Reviews the Housing Market 

As we look at June and the end of the second quarter, we observe a continuing trend of a more equitable and viable real estate market emerging. We also continue to enjoy strong housing market performance due to low unemployment, strong retail sales, and the longest US economic expansion in history. 

Overall, the dynamics of the market have not changed noticeably this year. Although new listings fell by 3.1 percent compared to last June, the median sale price increased by 7.2 percent while days on the market flatlined at 40. We are slowly approaching balance in the price range of $350K to $500K, but certainly not there yet. When we go above that range, we reach a balance between buyer and seller. The highest price range is the buyer's market.

Meanwhile, back in lower price land, inventory is scarce. I know, I know. You have been hearing this story for a long time now. 

The High's and Low's of the Twin Cities MN Housing Market

Looking at June of this year compared to 2018, new listings are down 3.1 percent. That decrease also brought pending sales down 2.9 percent and inventory levels down 1.3 percent. Meanwhile, the Median sales price increased by 7.2 percent, causing sellers to smile. Closed sales decreased 8.2 percent, as did a percentage of list price received slightly by 0.3 percent.  Time on the market until sold flatlined.

A Deeper Dive into the Numbers

The most significant gain in sales rests at the highest end of the market above $1,000,001with, a 13.8 percent increase over last year at this time. The most significant price gains were in the condo market, with a median price of $182,900, up 11.5 percent. The fastest-selling properties were in the $190,001 to $250,000 price range at 34 days. Homes in the $1,000,001 and above bracket took the longest to sell, averaging 166 days. Reviewing supply, we see market-wide inventory levels...