The market update of threes! Everything is coming in sets of three this month, so that'll be the theme as we examine just what's going on in today's Twin Cities real estate market.
For starters, let's call out the major outlier here...average sale price for 2020 is now almost $100k higher than it was this time in 2019 - wow! August last year was just under the$290k mark, and for this year we are broaching almost $380k. While it has certainly been a difficult year to track, there is no doubt that the limited home inventory this year has caused a surge in home prices like no other.
As for our other indicators, most everything seems to be happening for the third month in a row. New listings are slightly up over last month, and at the same pace as the last two months. Months inventory supply is slightly down and pacing the same since June. Days on market has been consistently low since spring, but August came in at the lowest all year at just about 15 days. Seeing the trends here?
Labor Day is typically a big day in the real estate world. Our beloved state fair is usually ending, the kids are usually going back to school, and summer is a fleeting thought as people look forward to falling leaves and pumpkin spiced lattes (guilty). But this is the year that no one can predict and all of that stuff is a bit off, so we'll just have to keep looking at the data to see how things develop.
There seems to be plenty of buyers to fill the amount of homes for sale, but we anticipate a strong fall spike in listings, so only time will tell if that stays true. With COVID still present, and a huge election coming up in November, there's still plenty that could impact how the numbers play out for the rest of 2020. If you want to know more about what your options are in buying or selling real estate, you need to learn the trends of your market. Link up with a VIBE agent soon to find out more about how there's still time to accomplish your real estate goals before the end of the year - we are here to help.
