It’s shaping up to be a busy summer in the Minnesota housing market. With new listings and homes for sale still trending down, the seller’s market we have will continue into the summer months. What does this mean? This means potential multiple offers on properties, which will drive the prices up.
During May, we saw a 7.9% and 5.9% increase in the Median and Average Sales price, respectively. The median sales price was at $214,700 which is the midpoint, indicating as many transactions above as below that price. The average sales price came in at $246,448.
Low inventory also means homes are going to sell quickly; and in May this was true. Homes were on the market 59 days, which was a 10.6% decrease over May of 2015.
Closed sales were up in May, as properties that were purchased in the spring of 2016 were finalized. Pending sales also rose 6.8% in May, which will translate into many closings during the summer months.
“We haven’t even hit the busiest summer housing months for Minnesota yet,” said Chris Galler, CEO of the Minnesota REALTORS®. “Buyers in the marketplace should contact a REALTOR® in their area in order to move quickly to put offers in on homes for sale.”
Download the May Minnesota Housing Report HERE
By-Carrie Andersen 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.