Twin Cities Market Update – June 1, 2018

According to the National Association of REALTORS®, existing home sales were down 2.5 percent for the nation as a whole in April. While local trends do not necessarily coincide with national trends, a holistic outlook can often explain the general state of feelings regarding residential real estate. Sales have been lower in year-over-year comparisons in the hottest submarkets due to low inventory and a speed to sale that is faster than the market can replenish itself.

In the Twin Cities region, for the week ending May 19:
• New Listings increased 8.9% to 2,279
• Pending Sales decreased 10.2% to 1,437
• Inventory decreased 22.6% to 9,768

For the month of April:
• Median Sales Price increased 9.0% to $267,000
• Days on Market decreased 10.2% to 53
• Percent of Original List Price Received increased 0.8% to 99.9%
• Months Supply of Homes For Sale decreased 20.8% to 1.9

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