The Minneapolis St Paul area has a strong stable Real Estate market. It is well balanced and traditionally hasn’t tipped hard and heavy towards buyers or sellers. We are however starting to see great trends towards a strong seller market Minnesota real estate. If you are thinking of selling your home in the twin cities, now may be a great time. Here are a few reasons why by the numbers.
Median sale price is at a 12 month high
The current median sale price is approaching $250,000 for the month of April. If this trend continues for the entire month, it will be a 12 month high for median sale prices for homes in Minneapolis. This is a pretty significant jump from March and February. Almost 10% increase from February to April.
Average days on market is at a 12 month low
This is a great indication that the Minneapolis St. Paul Real Estate market is starting to tip in the favor of sellers. The average days on market has fallen almost 48% since February of this year. It is also at a 12 month low with July 2016 being the previous all time low. Average days on market falling below 30 days is also a great indicator that the Twin Cities is becoming more of a sellers market.
Inventory and average sale price
Inventory is starting to rise in Minneapolis but it is still relatively low compared to the seasonality of Real Estate. Compared to May of last year, inventory is down almost 44%.
The average home sale price in Minneapolis was one of the most compelling pieces of data we uncovered that indicates a shift towards a healthy sellers market. For the first time in 12 months, the average has exceeded $350,000. The jump from February to April is almost 22%!
If you are thinking of selling your home in the Minnesota real estate market, now may be a great time to do so. If you are interested in learning how you can sell your home commission free or if you have general questions about the Real Estate market in Minnesota, please reach out to our BlueMatch Team. Good luck and happy home selling!