With healthy buyer demand and constrained supply, showing and offer activity continue to be high with many properties receiving multiple offers. Holiday weeks often provide a short reprieve from the normal busy summer selling season as buyers and sellers take a few days to focus on festivities before turning their focus back to real estate the following week.
In the Twin Cities region, for the week ending July 4:
New Listings increased 20.4% to 1,257
Pending Sales increased 17.9% to 1,466
Inventory decreased 25.3% to 9,624
For the month of May:
Median Sales Price increased 3.5% to $294,900
Days on Market decreased 8.9% to 41
Percent of Original List Price Received decreased 0.4% to 99.6%
Months Supply of Homes For Sale decreased 16.0% to 2.1
With healthy buyer demand and constrained supply, showing and offer activity continue to be high with many properties receiving multiple offers. Holiday weeks often provide a short reprieve from the normal busy summer selling season as buyers and sellers take a few days to focus on festivities before turning their focus back to real estate the following week.
In the Twin Cities region, for the week ending July 4:
New Listings increased 20.4% to 1,257
Pending Sales increased 17.9% to 1,466
Inventory decreased 25.3% to 9,624
For the month of May:
Median Sales Price increased 3.5% to $294,900
Days on Market decreased 8.9% to 41
Percent of Original List Price Received decreased 0.4% to 99.6%
Months Supply of Homes For Sale decreased 16.0% to 2.1
The National Association of REALTORS® shared in their latest REALTORS® Confidence Index Survey of more than 4,000 members that there were nearly three offers for every home sold in May, which is up from a little more than two offers for every sold home in the April survey. Buyer activity, seen in both showings and Pending Sales, has been strong while seller activity, seen in New Listings, has lagged a bit, suggesting that multiple offer situations continue to be common and will likely remain so in the coming weeks.
In the Twin Cities region, for the week ending June 27:
New Listings decreased 16.9% to 1,612
Pending Sales increased 3.1% to 1,606
Inventory decreased 25.0% to 9,705
For the month of May:
Median Sales Price increased 3.5% to $294,900
Days on Market decreased 8.9% to 41
Percent of Original List Price Received decreased 0.4% to 99.6%
Months Supply of Homes For Sale decreased 16.0% to 2.1
Housing starts in May rose 4.3% to an annual rate of 974,000, its first increase since January and up from a five-year low of 934,000 in April. The increase was less than expected by economists but builder permits were up 14.4% for the month to 1.22 million annually, signaling higher housing starts are likely in the near future.
In the Twin Cities region, for the week ending June 20:
New Listings decreased 16.4% to 1,728
Pending Sales increased 3.4% to 1,594
Inventory decreased 22.8% to 9,871
For the month of May:
Median Sales Price increased 3.5% to $294,900
Days on Market decreased 8.9% to 41
Percent of Original List Price Received decreased 0.4% to 99.6%
Months Supply of Homes For Sale decreased 16.0% to 2.1
