Despite slow winter sales volume, inventory fell to a new low during November.
Here is a link to the live data.
Here is a link to the live data.
The single-family home market continued to move in a predictable direction in November in what appears to be the continuation of a 7-year, cyclical trend and I’ll break that down for you.
I’ll start with pending sales which represent the active sales volume. In the Twin Cities, we had 4,032 sales pend in November which is down 16% month over month which is expected during this time of year, but that’s up 14% from November of 2012.
Next, I’ll look at new listings that represent the active rate of supply. We had 3,544 new homes hit the market in November, that’s down 18%, month over month which is also expected during this time of year, and down 15% from November of 2012.
The next statistic is probably the most notable because it has been the backbone of this 7-year bull market for housing prices and that is the current supply of single-family homes for sale. Despite slow winter sales, single-family inventory in the Twin Cities fell to a new low of 9,009 homes for sale in November. With inventory still falling, I do expect that we’ll set an even lower record for inventory in December. Barring a major economic shift, the low inventory to start 2018 will set the stage for another strong move up for home prices in the spring.
Median prices in November remained predictably flat at $245,000 which is up 6.5% year over year and up 42% from 2012.
If you have considered putting your home on the market, I invite you to check out our free home value report, which will give you an estimated range of what your home could sell for in today's market.
If you have entertained the idea of purchasing property, now is a great time to start monitoring the market through our accurate and up-to-date MLS site. Click here to set up your property search, today!
To schedule a free consultation, call us today at (952) 222-7653.
I’ll start with pending sales which represent the active sales volume. In the Twin Cities, we had 4,032 sales pend in November which is down 16% month over month which is expected during this time of year, but that’s up 14% from November of 2012.
Next, I’ll look at new listings that represent the active rate of supply. We had 3,544 new homes hit the market in November, that’s down 18%, month over month which is also expected during this time of year, and down 15% from November of 2012.
The next statistic is probably the most notable because it has been the backbone of this 7-year bull market for housing prices and that is the current supply of single-family homes for sale. Despite slow winter sales, single-family inventory in the Twin Cities fell to a new low of 9,009 homes for sale in November. With inventory still falling, I do expect that we’ll set an even lower record for inventory in December. Barring a major economic shift, the low inventory to start 2018 will set the stage for another strong move up for home prices in the spring.
Median prices in November remained predictably flat at $245,000 which is up 6.5% year over year and up 42% from 2012.
If you have considered putting your home on the market, I invite you to check out our free home value report, which will give you an estimated range of what your home could sell for in today's market.
If you have entertained the idea of purchasing property, now is a great time to start monitoring the market through our accurate and up-to-date MLS site. Click here to set up your property search, today!
To schedule a free consultation, call us today at (952) 222-7653.
