This is indeed both a good and a bad time for real estate in the Minneapolis/St. Paul market. If you’re a seller, it’s quite good. If you’re a buyer, not so good – mainly because the number of homes currently on the market is limited. This has been a trend for the past several years, but it’s more apparent now than ever. I’ve seen articles stating that we sold more homes in 2015 than back in the boom years of 2005-2006.
Here are six statistics comparing November 2015 to November 2014:
|NOV ’15||NOV ’14||Percent Change
(compared to one
|New listings||3,785||3,395||+ 11%|
|Active listings||12,984||15,931||– 18%|
|Months supply||2.70||3.90||– 31%|
|Pending sales||3,497||2,962||+ 18%|
|Median sales price||$219,900||$205,000||+ 7%|
|Days on the market||73||79||– 8%|
Source: Edina Realty
All of the numbers point to the same conclusion: homes are selling faster than they’re coming on the market. New listings are up 11% while active listings are down 18%. Pending sales are up 18%. Months supply is down 31%. ‘Months supply’ is the time it would take to sell all of the homes currently on the market if there were no new listings.
If you’re thinking about selling in the spring, I would recommend getting your home on the market as soon as possible. Sales don’t slow down that much in the winter, especially in a market like this. Not only that, but if you wait until spring you’ll have much more competition as a seller since more people will be listing their homes then. If you’d like to get an idea of what your home might sell for, contact me. Any agent can give you an idea of the value but I’ll tell you how to get even more for your home.