According to the Minneapolis Area Association of REALTORS’ March 2016 Report on the Twin Cities Area Housing Market, March ended with 7922 new active listings of homes for sale, an increase of 35.4 percent month-over-month. As compared to the previous year, new listings are up 0.5%.
March total inventory level sits at 11,893 homes on the market. Inventory is down -20.6% from the previous year and up 8.5% as compared to the previous month.
During March, there were 3878 sold listings, a 46.5% increase compared to the previous month and down -2.8% as compared to this time last year.
Home prices continue to remain steady. The average sold price for a single family home was $257,978, up 2.7% compared to last month, and 3.4% higher than a year ago.
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“The Monthly Skinny” is provided by the Minneapolis Area Association of Realtors