The month of June seemed to follow the Economics 101 rules of supply and demand. With new listings continuing to trend down 2.0% over the same time last year, anyone selling their home is selling it quickly, and finding the median and average sales prices climbing upward due to buyers not having much to choose from.
During June, homes for sale were selling in 54 days. This is an 11.5% decrease over 2015. Additionally, buyers are paying more for their purchases. The median sales price rose 6.1% to $218,500, and the average sales price jumped 4.5% to $243,548.
The closed and pending sales slowed down a bit in June. Closed sales ended up at 10,201 units and pending sales ended up at 8,911 units. This is down .4% and .6% respectively. These numbers still make for a very robust housing market throughout the state.
“The lack of inventory continues to be the issue in the marketplace that we hear the most about,” said Chris Galler, CEO of the Minnesota REALTORS®. “It is absolutely a seller’s market out there right now.”
Download the June 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 industry.