The Minneapolis Area Association of Realtors just came out with their Minnesota housing supply outlook:
In the overall Twin Cities market, home sellers are now getting closer to their original asking prices than they were a year ago. Dig a little deeper, however, and it becomes clear that it’s only the Single-Family Detached segment that’s seeing improvement. The lowest mark for Percent of Original List Price Received at Sale can be found in previously owned condominiums, which post a low mark of 88.6 percent.
Home sales continue to look the strongest in the more affordable price ranges. Homes below $190,000 are selling at a 49.9 percent faster clip over the last 12 months than they did the prior 12 months. Above $190,000, sales are down by 10.5 percent.
That’s caused some large differences in our calculation of Months Supply of Inventory by price range. The lower price ranges are extreme seller’s markets, while the higher prices ranges still present sellers with challenging conditions.
It’s good news and bad news – but as Minnesota’s largest exclusive home buyer agency, we want to make sure you have the news you need before you make any major decisions regarding a house purchase.