Twin Cities Metro Housing Statistics September 2016

Summer is yesterday and we are immersed in the second best season for real estate, fall.  The theme of the story is pretty much the same: Ardent buyers with sellers still playing it coy. Let’s take a look at the numbers for September and see how they shook out here in the Twin Cities metro.

Market snapshot in one sentence: Job and wage growth coupled with rising rents and attractive interest rates are doing more to inspire buyers than rising property values and shorter time on the market seem to be doing to inspire sellers as the market continues to struggle with inadequate inventory.

Let’s take a deeper dive into the month of September 2016 real estate market statistics in comparison to the same time last year. *

Quick Twin Cities Housing Stats for September

• High demand is moving sales and prices higher despite declines in inventory
• Rental costs and employment continue to climb making year over year increases in the home buying market likely though not certain through the end of the year
• Sales total higher compared to same time last year in spite of lower inventories
• With inventory of homes for sale down -16.1%, the median sale price was up 3.6 % based solely on high demand
• High demand in the market is being driven by 3 major factors: millennials are reaching prime home buying age, growing families are looking for larger homes and empty nesters are downsizing
• Low-interest rate refinancing and short term rentals are factors keeping inventories down 
• Largest price gains were in the single-family segment with a 6.3 % increase to $249,900
• Quickest selling price range $190,001 to $250,000 with 52 days on market until sale
• Slowest  selling price range $1,000,001 and above at 186 days on market until sale

September Inventory and Sales Statistics for the Twin Cities 

• new listings up 5.6%
• inventory of homes for sale down -16.1%
• months supply of inventory down 20.0%          
• median sale price up 3.6 % to $230,000
• percent of original list price received up 0.9%
• pending sales down -0.3%
• days on the market until sale was 56, down -13.8%