Minneapolis Real Estate Weekly Market Report
Nationwide the real estate market is turning in favor of the buyer, and the Twin Cities is no exception. The summer slow down is in full swing with new listings only 3% above the same period last year…the fifth consecutive week of single-digit growth after months of double-digit growth. On the flip side, home sales are also in decline as more buyers are waiting to see what the market does in the next few months. Pending sales are down 23% from the same time in 2005.
A simple reason for the shift is the approaching winter season, which always sees a decline in home sales, but also the amount of homes on the market and their affordability to buyers is a growing concern among market experts. Other points of interest for the Minneapolis market are the amount of days it takes a home to currently sell. While each home is different and has factors that might make is sell quickly or sit on the market for a long time, the current DOM (days on the market) statistic is between 65-70 days. Concerning Supply vs. Demand, there are 6.36 active listings for every buyer currently looking for Twin Cities real estate.
One of the most important statistics to understand is the current Housing Supply Index. A real estate market is considered to be balanced between sellers and buyers if there is a 5 month supply of homes available for purchase. Currently Minneapolis has a supply of 7.4 months.