Written by VIBE Owner/Broker Steve Anderson
This month's theme: Broken Records
Last month we left off talking about the importance of the spring market this year, and how it will set the tone for the selling season. Well here we are, smack in the middle of the spring 2021 market, and what are the numbers saying? Let's take a look!
We're going to start with some of the less drastic changes that we saw over April. Months Supply of Inventory, which is basically real estate's slug percentage, stayed below one month for the fifth month in a row, but did tick up to .9 this time. New Listings to hit the market also went up by a decent margin to just over 7,100, but that was sort of to be expected given the time of year. Still not enough to put a dent into this pent up buyer demand. Total Units Sold was up again for the second month in a row (3600+), which again, makes sense with where we're at in the year.
Where things get a bit more interesting are the Median and Average Sales Price(s). The median hit $335k, and the average sales price in the Twin Cities market is now up to over $388k. No, that's not a typo. We are steadily approaching the $400k benchmark as a new average, and that is a very extreme indicator of where things have been headed for a while now. Might I mention, those are both record highs.
We'd love to say things are starting to balance out more, but that is just not looking to be the case. While there was an increase of over a thousand in Total Homes for Sale (5100 in total), the average Days on Market fell down to just 8 days. We are approaching almost less than a week for an average, which includes all available homes in the entire metro, to get your home sold. These are both indicators that things have continued to be extremely aggressive.
It will be exciting to see how spring wraps up as we head into the summer months. Will things get even more intense as the general population gets more vaccinated and comfortable being out and about? Will real estate demands drop as people enjoy the summer they missed last year? We'll be keeping an eye on this for you, so be sure to tune back in for next month's recap. And not to sound like a *ahem* broken record, but if you're looking to make a real estate move during these intense market times, be sure to connect with a VIBE agent to help you along the way. You'll be glad you did!
