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
Vice President, Member Services
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.