What’s going on in the Twin Cities real estate market? Today, we’ll be bringing you a look at how this year’s market statistics compare to what we saw at this time in 2016.
What’s going on in the Twin Cities real estate market?
As you may remember, our last market update came just before the summer. The market was extremely hot, many properties were receiving multiple offers, and sellers were getting top dollar.
So, how do things look now? Well, what we’re seeing this year is consistent with the trend we witness every year. Inventory starts low in January but builds through the summer. Then, the inventory levels resume a downward trend in the fall.
Now that fall has arrived, we’re currently seeing this same trend. So, let’s get into some specific numbers.
"What we’re seeing this year is consistent with the trend we witness every year."
Listing inventory is down by about 16% compared to what we saw at this time last year. However, the number of pending sales has remained basically flat.
Because of low inventory combined with a steady level of sales, the median sales price is just over $240,000. That is a 6.6% gain since this time in 2016.
In the past couple of months, we have noticed the market slowing down a little bit. However, this is likely just due to the slight rise in price coupled with sparse inventory.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.