Business Magazine

September Market Update... Continuing Seller's Market with a Return to Normalcy

By Homesmsp @HomesMSP

How's the real estate market? Overall indicators point to a return to normalcy... sellers are selling, buyers are buying, lenders are lending, builders are building. What is perhaps most significant, however, is that all sectors are involved... first-time homebuyers moving out of apartments or their parents' homes, move-up buyers finally leaving cramped quarters, Baby Boomers moving on to different space.

It continues to be a seller's market, with only a 3-4 month supply of inventory for a whole year... historically very low and an incentive for sellers to move on. September's supply was at 3.6. (Balanced is a 5-6 month supply.)

SEP2013-historical months supply1

New listings are on their normal downward slope towards the end of the year, but still ahead of last year.

SEP2013-new listings

Total supply of homes for sale still is hovering below last year but has been holding amazingly steady... will be interesting to see if we finally cross above last year in October.

SEP2013-total homes

Closed sales took their normal drop after summer season...

SEP2013-closed sales did pending sales.

SEP2013-pending sales

Median sale price dropped in September, but prices are still the highest they have been any month since 2008. Keep in mind that prices also reflect the kind of properties that are selling.

SEP2013-median price

People in the industry feel things slowing down in typical fall fashion... but properties are still selling, had two new listings sell in a matter of days this past week.  Buyers eagerly await new listings.

The figures above are based on statistics for the combined 13-county Twin Cities metropolitan area released by the Minneapolis Area Association of Realtors, with the historical chart coming directly from them.

Never forget that all real estate is local and what is happening in your neighborhood may be very different from the overall metro area.

  • Click here for local reports on 350+ metro area communities
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Sharlene Hensrud, RE/MAX Results - Email - Twin Cities Real Estate Market


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