New Listings Continue to Lag in Minnesota
Sellers are finding themselves in a good position when it comes to the transfer of private property in Minnesota. New listings continue to be low, forcing potential homebuyers to move quickly on a home they may be interested in. Sellers are receiving 92.2% of the original list price and are watching the median and average sales prices continue to rise according to the latest report from the Minnesota Association of REALTORS®.
Statewide sellers saw an 8.4% increase in the average sales price of a home. The price rose to $197,368 from $182,054 in 2013. The median sales price also saw an 8.6% jump to $$158,525 over the same time last year. Buyers are sometimes finding themselves in multiple offer situations due to the lack of inventory, which is also driving the home price up.
Sellers continue to benefit from the low inventory by selling their homes in approximately 3 months at 92.2% of the original sales price. With only 6,937 new listings in February, buyers had 6.6% less homes to choose from.
“With the recent announcement that interest rates will hold for now, those home owners thinking about selling their homes should contact a REALTOR® for the most recent market information on their homes,” said Chris Galler, CEO of the Minnesota Association of REALTORS®. “There are many people ready to make a purchase, there just aren’t many homes to choose from.”
Pending and closed sales also continue to trend low according to the report. Both are showing a decline over the same time last year.
The Minnesota Association of REALTORS® is the largest trade association in the state with more than 17,000 members. MNAR is the voice for real estate in Minnesota.