Market metrics are in the midst of seasonal peaks and valleys this time of year. Listings, sales and prices all tend to reach pinnacles on the historical trend line, while market times generally take a dip to annual lows. Summer is historically an exciting time for real estate. Between vacations to see family and friends and the crush of wedding weekends, Americans manage to find the time to buy and sell real estate. The last several years have been rough, no doubt, but an undeniable gleam has returned to the marketplace this year, and summer brings with it a certain extra swoon.
In the Twin Cities region, for the week ending June 16:
- New Listings decreased 3.7% to 1,476
- Pending Sales increased 19.8% to 1,173
- Inventory decreased 31.0% to 17,517
For the month of May:
- Median Sales Price increased 10.5% to $169,000
- Days on Market decreased 19.6% to 125
- Percent of Original List Price Received increased 3.8% to 94.6%
- Months Supply of Inventory decreased 43.9% to 4.6