Twin Cities Market Update – February 19, 2021

Popular home services marketplace HomeAdvisor released their State of Home Spending Report, which details trends in homeowner improvement projects. Among survey participants, the total spending on home projects rose from an average of $9,078 in 2019, to an average of $13,138 in 2020. The more than $4,000 increase in average expenditure was likely due to an increase in the amount of work completed as well as the increased supply and labor costs due to COVID-19.

In the Twin Cities region, for the week ending February 6:
• New Listings decreased 16.6% to 1,117
• Pending Sales increased 9.9% to 1,068
• Inventory decreased 41.0% to 4,873

For the month of December:
• Median Sales Price increased 11.5% to $301,000
• Days on Market decreased 37.3% to 42
• Percent of Original List Price Received increased 2.6% to 99.5%
• Months Supply of Homes For Sale decreased 47.1% to 0.9