Housing for September remained solid as the third quarter came to a close. Homes for sale sold in about 59 days, which is a 10.6% decrease over the same time last year. With so little inventory, buyers made quick decisions in order to secure a home purchase.
The pending and closed sales activity slowed down a little. Pending sales saw a decrease of 2.2%, and closed sales were up 4.5%. Sellers received 96.3% of the original list price, which is a .9% increase over the same time period in 2015.
The median sales price jumped 7.2% to $209,000, while the average sales price rose 4.3% to $244,773. The median sales price is the midpoint, indicating as many transactions above as below the stated price.
“The inventory dip is common for the September market,” said Chris Galler, CEO of the Minnesota REALTORS®. “There are still buyers out there, but not as many houses on the market with kids back in school.”
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.