The Twin Cities real estate market has been on a roller coaster ride for the past few months. According to the Minneapolis Area Realtors, the March market update shows a decline in new listings and pending sales, but a slight increase in median sales price.
New listings in the Twin Cities were down 26% compared to March of the previous year. This means that fewer homeowners are putting their properties on the market, leading to a decrease in the overall supply of homes. This is good news for sellers who are looking to sell their homes quickly, as there is less competition in the market. However, it also means that buyers have fewer options to choose from and may have to act fast if they find a property they like.
Pending sales, which are homes that are under contract but have not yet closed, were down 31% compared to the previous year. This decrease can be attributed to a combination of factors such as a shortage of available homes, rising interest rates, and higher home prices.
Despite the decline in new listings and pending sales, the inventory of total homes on the market increased slightly, with 5,649 homes available for purchase. However, this figure is still lower than in previous years, indicating that the market remains tight.
The days on the market, which is the average amount of time a home stays on the market before being sold, averaged 44 days. This is a relatively short amount of time compared to historical averages, suggesting that the Twin Cities real estate market is still hot.
The median sales price in the Twin Cities increased by 0.5% compared to the previous year, with the median sales price of all homes being $325,000. This increase in home prices can be attributed to a combination of factors such as low inventory and high demand.
This year its predicted that the best week to sell your home will be April 16-22. That means there is still time to get yours ready if you want to capitalize on the evolving market that we have going on right now in the Twin Citiies.
Overall, the March real estate market update for the Twin Cities shows a market that is still hot but experiencing a slight slowdown in new listings and pending sales. Despite this, the inventory remains tight, and home prices continue to increase. If you’re in the market to buy or sell a home in the Twin Cities, it’s important to work with a knowledgeable and experienced real estate agent who can help you navigate this dynamic market.