MN Real Estate Housing Supply Overview Feb 2011

March 16, 2011

Whenever someone asks you “how is the market,” the most logical response is “for which segments and relative to what?” In the Twin Cities region, the price range with the strongest sales activity was the $1 Million and above range, where sales were up 24.5 percent over the last 12 months. Sales were weakest in the $190,001 to $250,000 range, where sales were down 25.4 percent versus last year.Inventory in the region has fallen 4.6 percent, led by a decline in new construction. Median Sales Price was up the most in the Single-Family segment with a 2.4 percent gain, while prices for Townhomes and Condominiums both declined.The price range with the longest Days on Market Until Sale was the $1 Million abd above range, where the average market time was 249 days. The range with the shortest market times was $120,000 and below, all sitting at 118 days on average.

Months supply of MN real estate inventory by price range: