Single-family home inventory in the Twin Cities fell again to a new low of 6,900 homes for sale, in December which means we are starting 2018 with a record-low inventory.
Here is a link to the live data.
Here is a link to the live data.
I’ll start with pending sales. In the Twin Cities, we had 3,011 sales pend in December which is down 25% month over month, flat year over year, and up 4% from 5 years ago. Sales are expected to decline in December so this is not a surprise.
Next, I’ll discuss new listings. We had only 2,300 new homes hit the market in December, that’s down 35% month over month, down 5% year over year, and down 15% in 5 years.
Next, I’ll discuss home inventory which is once again, the most notable statistic. The number of homes for sale in the Twin Cities fell to a new record low of about 6,900 homes in December. Typically inventory starts to turn around in January and moves back up but with the way things are trending, inventory could fall even lower.
Prices typically continue their seasonal decline in December however this December, median home prices moved up to $248,400 which is a 1% increase month over month, a 10% increase year over year, and up almost 50% from 2012.
January is typically the turnaround point for the Twin Cities housing market. In the past couple of weeks, we have noticed a significant increase in showing activity. With this record low level of inventory to start the year, the stage appears to be set for another move-up in prices for most Twin Cities housing segments.
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.
Next, I’ll discuss new listings. We had only 2,300 new homes hit the market in December, that’s down 35% month over month, down 5% year over year, and down 15% in 5 years.
Next, I’ll discuss home inventory which is once again, the most notable statistic. The number of homes for sale in the Twin Cities fell to a new record low of about 6,900 homes in December. Typically inventory starts to turn around in January and moves back up but with the way things are trending, inventory could fall even lower.
Prices typically continue their seasonal decline in December however this December, median home prices moved up to $248,400 which is a 1% increase month over month, a 10% increase year over year, and up almost 50% from 2012.
January is typically the turnaround point for the Twin Cities housing market. In the past couple of weeks, we have noticed a significant increase in showing activity. With this record low level of inventory to start the year, the stage appears to be set for another move-up in prices for most Twin Cities housing segments.
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.
