For Week Ending August 25, 2018
In both academic and conversational circles, more people are beginning to discuss 2018 as the end of the freewheeling days of residential real estate – with its high prices and fast sales, site unseen. Such a portrayal of the last several years of the housing market are sensationalistic at best, patently false at worst. It is true that median sales prices have risen and total days on market have lessened. This prevailing market trend has occurred gradually, and so shall the next trend.
In the Twin Cities region, for the week ending August 24 (All comparisons are to 2017):
- New Listings increased 12.5% to 1,686
- Pending Sales decreased 7.6% to 1,179
- Inventory decreased 9.0% to 12,378
For the month of July:
- Median Sales Price increased 6.6% to $268,000
- Days on Market decreased 17.4% to 38
- Percent of Original List Price Received increased 0.7% to 99.8%
- Months Supply of Homes For Sale decreased 7.4% to 2.5
* All data from NorthstarMLS. Provided by the Minneapolis Area Association of REALTORS®. Report © 2018 ShowingTime.