It just sort of feels like everything's a bit extreme right now, doesn't it? Well, the Twin Cities real estate market is certainly no different. And though things have seemed a bit imbalanced since the beginning of COVID-19, the paragraphs below describe some of the most extreme numbers we've ever seen when it comes to monthly market stats, over two years since the pandemic started. Let's take a look.
We're going to have to get this elephant out of the room right away, because this elephant never skipped breakfast there's nowhere to stand while it's in here. That elephant would be the Average Home Sale Price for the month of April, which came in at a whopping $430k! That is almost a $23k jump just from last month, and is roughly $16k higher than the previous high (August '21). Not only is that the largest increase we've seen in one month, but it's also almost $44k higher than this month last year, which we thought was extreme back then...silly us.
We also saw the highest increase to the Median Home Sale price, jumping by a full $20k and landing at $370k - also the highest we have on record (previously $350k). With that in mind, it should come as no surprise that the median Days on Market came right back down to just one week (7 days), matching the lowest we've seen since last spring.
Moving the conversation to inventory levels, we see that the Months Supply of Inventory is back to one full month, which tells us that there was a bit of an increase in overall listings, as expected for this time of year. But how much? Well, the Total New Listings landed at 6,651 which is up by over 1,100 from last month, but year-over-year is about 800 less than where we were last April. The Total Amount of Units actually sold came in at 5,349 which is also 800'ish below last year at this time.
Basically, spring seems to be in full effect, but within more extreme inventory parameters in play than ever before. Notably, interest rates have seen a steady increase over the past few months, and we will be watching closely to see how this affects the housing market here in the Twin Cities. If you are planning to make a move in the near future, we urge you to consult with a Realtor here at VIBE Realty to help assist you in making the best decision possible for your situation - you will be glad you did.
See you next month!