Well, hello again. Back for more, I see? That's good, because I have more riveting real estate market info for you as we break down what February was like here in the Twin Cities. When we left off last month, we were desperately looking toward spring to bring us some welcome balance in this very unique market. So is spring here yet? Err...kind of...I guess...not really...hopefully soon? Let's just take a look.
The biggest helper would have likely been a big increase to the overall housing inventory, but I am a bit bummed to report that we didn't see a big boost. Total Units Available landed at 4,106. While that number is up a bit from January, it's still over 1,200 less than where we were a year ago. New Listing inventory was actually closer to last year, coming in at 3,934, but the amount of them that actually sold (Total Units Sold) was an unimpressive 2,192. What does that mean? I'll get to that later.
Price points do seem to be holding strong, as the Average Sale price had its first positive month since November at $390k - up $4k from January. This is followed by an increase of $6k in the Median Price point category, which is now at $337K, matching numbers from summer of last year. What may be a good sign, though, is that Days on Market actually went down again, which we haven't seen for eight straight months! Yes, it only went from 20 to 19, but baby steps are steps, too.
So what is all of this telling us? Basically, the market is still cray...yes, cray. The final metric we look at is the Month's Supply of Inventory, which is still sitting at less than a month at .8, and we really need that number to climb in order to feel any sense of market balance here. Bottom line is, we are in a very unique time in market history, and unprecedented times around the world. A/The? Pandemic and inflation have been in play for a while here, and now we may even see some economic impact from European unrest - obviously TDB.
That said, life still goes on, and the best time to buy or sell is when it's best for you. So, if you are going to make a move anytime soon, or even just want some insight into how to best plan for a future move, be sure to link up with your favorite VIBE Realty agent so they can help you along the way. You will be glad you did.
