MN Realtor on MSP Homes
MN Realtor on the February 2019 Real Estate Market
As we move ever closer to spring, it looks like the prime season for housing is going to be hot. Buyers in the lower pricing tiers are currently getting a sneak peek at the challenges they will face in their quest to become homeowners.
When we compare new listings for February 2018 to this past month, we see a decrease of 14%, which is not good news for buyers. However, I would be remiss not to point out that weatherwise, February was a month characterized by lots of snowfall and bitter cold, which tends to put a damper on real estate activity.
Twin Cities Housing Market Overview
As we compare February of this year to 2018, we see that closed sales were up 4.0 percent, the percentage of list price received down 0.3, and the median sale price of $265,500 up 6.2 percent. Meanwhile, pending sales, the predictor of upcoming closed sales, was down 7.4 percent.
The February Supply Story
We find new listings in February were down 14.3 percent from last year, and inventory levels were lower by 5.9 percent, putting the month's supply at 1.6. Days spent on the market were flat.
The condo segment was the property type that saw the most price gains with a 10 percent increase — homes priced between $190,001 and $250,000 sold the fastest at 34 days. The townhome segment was the top gainer inventory-wise with a 0.8 increase.
The Economic Factors
Our economy continues to make us smile. Although the Minnesota unemployment rate for January ticked up slightly to 3.0 percent, still...