INVENTORY FOR MARCH DOWN SIGNIFICANTLY

BG1

The biggest news for the month of March in Minnesota is inventory – where is it? Interest rates are still low, we experienced a mild winter by Minnesota standards, and the spring market is upon us. According to the data, there were 23,790 homes for sale in Minnesota; this is a 14.9% decrease over the same time period in 2015. There were 4,174 less homes to choose from in March.

The pending sales were up 8.7% to 8,198 units over last year. However, closed sales were down 1.7% to 5,476 units over March 2015. That number has slowed since the pending sales were running a little soft in the first months of the New Year.

The median sales price jumped 6.4% to $196,750, while the average sales price rose 2.9% to $227,724. The median sales price is the midpoint, indicating as many transactions above as below the stated price.

With the low inventory, buyers are making a decision to buy much faster. Homes sold in 77 days on average in March. This is a 10.5% decrease over March of 2015.

“The low inventory keeps the sellers in control when it comes to the marketplace,” said Chris Galler, CEO of the Minnesota REALTORS®. “Buyers have to act quickly in order to get the house they want.”

Download the March 2016 Minnesota Housing Report HERE

BG2

BG3

BG4

Carrie

 

Carrie Andersen

Vice President, Member Services

candersen@mnrealtor.com

 

 

The Minnesota REALTORS® is the largest professional trade association in the state with more than 17,000 members who are active in all aspects of the real estate industry.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s