Twin Cities Housing Market Update for May 2016
It has been an exciting period of home buying and selling. According to the Minneapolis Area Association of Realtors May 2016 Report on the Twin Cities Area Housing Market, May ended with 8,680 new active listings of homes for sale, an increase of 1.1% month-over-month
May total inventory levels sit at 13,372 homes on the market. Inventory is down 20.6% from the previous year. Three months in a row inventory levels have dropped by nearly 20% compared to last year. In other words inventory is still being stretched thin compared to last years.
During May, there were 6,167 sold listings which is a 20.2% increase compared to the previous month. Home prices continue to remain steady. The average sold price for a single family home was $276,579, up from $273,271 compared to last month, and 5.7% 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 because of higher wages, we will stay in a sellers market for the rest of 2016. But how long will this last?