Twin Cities Housing Market Review June 2018
June 2018 Snapshot – Twin Cities Housing
As we close out the second quarter of the year and head into summer nothing much has changed regarding the ups and downs of Minneapolis-Saint Paul housing stats. Anyone who has been following the housing market in the Twin Cities will not be surprised by the June data. Inventory of homes continues to decline, ditto closed sales, pending sales, and days on the market. What’s up? The median sale price continues to rise. The constraint on sales is a reflection of low supply alone while demand remains strong.
We are halfway into the year with a strong economy and a real estate market that is responding accordingly. Consumers continue to have confidence and a positive outlook for the future. With unemployment at all-time lows and wages rising, home buyers have a reason to be optimistic. Even with interest rates inching upward, demand for homes remains steady.
On the supply side, builders are shifting resources from rental units to single family new construction. Sellers are also considering this may be the best year to make their move and listings are expected to increase accordingly. Things are looking rosy, and we give a thumbs up to the rest of the year regarding housing.
Twin Cities Market data for June 2018
When we compare the numbers for June to the same time last year here is what we learn.
- new listings down -1.2%
- pending sales down -2.6%
- closed sales down -8.1%
- days on the market until closing was 41, down -14.6%
- inventory of homes for sale down -15.9%
- month’s supply of inventory down -14.8%
- median sale price up 5.7% to $271,900
- original list price received up 0.8%
- price range with the highest gain in sales was the $500,001 to $1,000,000 up 13.1%
- property group with the most significant price gain was townhomes up 9.7%
- new construction outperformed previously owned properties in pending sales up 10.8%
- the quickest selling price range was $190,001 to $250,000 at 37 days
Rolling 12 months from July 2017 through June 2018
- new listings down -5.9
- pending sales down -6.0%
- closed sales down -7.2%
- overall median sales price up 8.6%
The data presented here is for the 16 county Minneapolis-St. Paul metro. Since real estate is hyper-local, the numbers for any particular community may be different. If you want data on any city, you can find it on the Minneapolis Association of Realtors website.
Buyers, do not be deterred because in spite of inventory constraints it is still an excellent time to buy given the robust economy and interest rates still a bargain. Sellers, it doesn’t get any better than this. Let’s do it!
If buying or selling a homeIf the purchase or sale of a home is on your agenda; please consider giving me a call if you have questions.