Twin Cities Housing Market Update for June 2016
The summer real estate market is in full swing. According to the Minneapolis Area Association of Realtors June 2016 Report on the Twin Cities Area Housing Market, June ended with 8,727 new active listings of homes for sale, an increase of .5% month-over-month.
June total inventory levels sit at 14,214 homes on the market. Inventory is down 18.2% from the previous year. 2016 sees inventory levels continuously dropping month over month as homes are eagerly purchased, while lacking as many homes to replace them.
During June, there were 7094 sold listings which is a 15% increase compared to the previous month. Home prices continue to climb. The average sold price for a single family home was $284,898, up from $276,579 last month, and 4.1% higher than a year ago.
It’s a sellers market in the Twin Cities. Thinking of selling? Now is a great time. Click the link below to find out more.Find Out What Your Home is Worth