The story was still lack of listings for the month of April throughout the state. New listings were down 2.7% during April to 12,897 units over the same time last year. There were 25,737 home for sale though April, which is 14.4% less than April of 2015.
With the low inventory, homes are selling faster, and many with multiple offers. Homes are selling in approximately two months, which is a 12% decline over last April. With the multiple offers sometimes driving the prices up – the median and average sales prices were on the rise.
The median sales price jumped 7.2% to $209,000 while the average sales price rose 5.9% to $242,504. The median sales price is the midpoint, indicating as many transactions above as below the stated price.
Closed sales were up in April as properties that were purchased in early 2016 were finalized. Pending sales took a dip to -.9%, which is an indication of the lack of inventory and buyers making offers.
“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 April Minnesota Housing Report HERE
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.