2017 Market Stats Of The Minnesota Real Estate
Whether you are planning to buy property in Minnesota or sell one, having knowledge about the real estate stats is important to help you make an informed decision. Here are the stats for the Minnesota real estate market for the year 2017 to help you analyze the real estate market situation.
Real Estate Market Stats 2017
Compared to 2016, the seller activity rose by 1.3% in this year. There was seen a decline in the number of signed purchase agreements by 3%. However, the rate of closed sales have gone up by 8.3%. Housing supply has been outpaced by housing demand and the trend for falling active listings has continued. Compared to the levels of 2016, there was seen a fall of about 20% in the inventory levels. In the metro area, there are close to 10,213 properties that the people shopping for homes can choose from. This figure is a 15 year low while the demand is on an 11 year high. This means that the affordably priced and listed homes are able to get full price or even better offers in record time.
Given these market conditions, the prices are driving higher. There is a 7% increase in the median sale price from last year on turnkey, attractive and ideal properties located in school districts and desirable neighborhoods. Properties this year are also selling at the ask or above ask price. There is a seen a fall in the average days on market by 14.1%. It was 85 in 2016 and has now fallen to 73 days. According to statistics, there is only two months of housing supply in Minnesota. This is the lowest since March 2003. For a balanced market, a supply of five to six months is considered ideal where neither the buyers nor the sellers have any clear advantage. The average rate of fixed mortgage for 30 years has come down to 4.1% from 4.3% last year. It is still below the long-term average of 8%.
It is important to consider the above-mentioned market statistics before buying or selling real estate in Minnesota.
Note: All the stats have been taken from Minneapolis Area Association of Realtors.