Minneapolis Housing Market Update – April 2016

    Twin Cities Housing Market Update for April 2016 – No striking change here.

    According to the Minneapolis Area Association of Realtors April 2016 Report on the Twin Cities Area Housing Market, April ended with 8,445 new active listings of homes for sale, a decrease of 2% month-over-month. As compared to the previous year, new Minneapolis Housing Market April 2016listings are up 0.6%.

    April total inventory levels sit at 12,849 homes on the market. Inventory is down 19.4% from the previous year. Two months in a row inventory levels have dropped by nearly 20% compared to last year.

    During April, there were 5,128 sold listings which is a 32.2% increase compared to the previous month. Home prices continue to remain steady. The average sold price for a single family home was $273,271, up 5.9% compared to last month, and 6.8% higher than a year ago.

    We continue to dip further into a sellers market in the Twin Cities. With interest rates staying low and plenty of active buyers, 2016 is the year to SELL.

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