For the week ending March 5, Minneapolis and the surrounding areas real estate saw a total of 717 signed purchase agreements, representing a decline of 11.4 percent from a year ago when the market was still seeing inflationary demand for homes stimulated by the federal home-buyer tax credit. Over the last three months, we have seen approximately 900 fewer signed purchase agreements in MN than during the same period a year prior. As for MN home supply, MN real estate agents listed 1,845 new homes onto the market representing a decline of 19.0 from the same week last year. The three-month average MN listing activity was 16.6 percent slower than it was a year ago. Even though supply declined, there are a few other signs that indicate the market maintains challenging for Minneapolis home sellers. We are seeing that the Average Days on Market until a home is sold is currently 157, representing 16.1 percent longer from a year ago. Similarly, the percent of Original List Price Received is down to 88.2 from last year’s mark of 93.2. In essence, in a market where it takes homes longer to sell, sellers should be focused on proper pricing and preparation if they want a to see a faster sale. Although there are fewer new listings, marketing strategies and accurate prices are key in selling a home today.
Contact Realtor Jan Worthen with additional questions.