Twin Cities Housing Stats 2019

Twin Cities Housing Review May 2019

Twin Cities Housing Review May 2019

Minneapolis-St. Paul Housing Market Overview

As we look at the middle month of the spring housing market, we observe a trend towards a more balanced and sustainable real estate landscape. With the fed holding steady on interest rates and even suggesting it may lower them, the concerns over rising costs of mortgages are behind us.

The economy, although not growing as rapidly as in previous years, is holding steading and stocks are performing well. All these factors create an atmosphere of consumer confidence in the economy. The real estate market responds well to these conditions.

Although the inventory of homes is rising in the higher pricing tiers, in the lower first-time buyer levels supply remains constrained. The current situation is great for sellers, but for buyers, it is still no bed of roses trying to break into the market and buy a home. It’s not surprising that we see fewer sales at this end of the market.

The Market Ups and Downs

Comparing May of last year to the current year, new listings are up 2.4 percent. We’ll take it! The Median sales price gained 5.2 percent. While closed sales ticked up 3 percent, pending sales sunk 1.8 percent.  Homes spent less time on the market, down 4.3 percent. We also see a decline of 0.2 in the percentage of sale price received, although it is still sitting at 100 percent, which gives sellers little reason to complain.

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Twin Cities Housing Review April 2019

Twin Cities April Housing Market Review by Joe Houghton - Minnesota Property Group

Minneapolis-St. Paul Big Picture

The Spring Housing Market is in play. Prices are on the rise as inventory levels continue to decline. Hopeful buyers in the lower price range are jumping on desirable properties hoping their offers rise to the top of the heap.

Months supply of inventory is improving in the mid-price housing range. We see steady sales activity in the higher price ranges while in the lower tiers buyers are still finding that landing a deal on a home to be a challenge especially for desirable homes in sought after locations.

What’s Up and What’s Down

Compare new listings to April of last year; we see an increase across the 16 county Twin Cities region of 4.5%. Closed sales were down 6.9% while the median sale price rose 5.2%. Pending sales were also down 1.1% and inventory levels 1.2% lower.

April weather was wintery at times, which discouraged buyer traffic and slowed sales. This trend was seen across Minneapolis as well as other parts of the nation. Higher prices, less affordability, and low inventory combined forces to dampen sales.

Let’s Dig a Little Deeper into the Housing Stats

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