Twin Cities Housing Market Update for November 2016
According to the Minneapolis Area Association of Realtors November 2016 Report on the Twin Cities Area Housing Market, November ended with 3743 new active listings of homes for sale, a decrease of -40% month-over-month.
November total inventory levels sit at 10,706 homes on the market. Inventory is down 22.8% from the previous year, and inventory levels month over month are are down 17.9%.
During November, there were 4260 sold listings which is a 12.5% decrease compared to the previous month. Home prices see a minimal increase. The average sold price for a single family home was $276,230 an increase from $275,617 last month, and 3% higher than a year ago.
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