And we're off!
New year, new Twin Cities real estate market. Last year brought us so many highs and lows. 2022, can we count on you to chill out a bit and help us keep our sanity? Speaking of chill, that's definitely been the theme so far with an eight year January low of 10.4 degrees. Is the market frozen, too? Or just heating up? Let's take a look.
Let's start off on a positive note. The New Listing inventory was trending downward at a scary rate, but we saw January kick up sharply to 3,366 homes hitting the market - way up from December. Last year, we also faced some large obstacles with how low the Average Days on Market got (less than a week at times), but that has now gone up by two days for seven consecutive months, landing at 20. Finally, some breathing room!
Those changes don't seem to be having too much of an impact on price points, though. The Median Price to get into this housing market now sits at $331k, just slightly up from last month. The Average Price has hovered around $400k for months now, and January landed us at $386k. Third month decline in a row, but only by a little bit.
Here's where things get weird. Our Months Supply of Inventory is now at the lowest we have ever seen on record, coming in at just .7 months - wowza. As a refresher on that metric, that means that if no new homes came on the market at all, we're now at a point that it would only take us three weeks to sell what's left. Would that ever actually happen? Very unlikely, but still a scary low number. The Total Overall Inventory was 3,894, which is almost two thousand below last January, and Total Units Sold had a sharp decline at 2,810 - by far the lowest on the last year or so.
So, not to sound like a broken record here (fun fact: the only actual record I own is in fact broken), but we are still facing the same inventory shortages that have created this imbalanced market, and we will really be looking at spring to bring those numbers back to a bit more balanced place. If you're a buyer in this market and you've found yourself frustrated with limited options, hang on for that warmer weather and we'll hopefully see the uptick we need. If you have a home you want to sell, be sure to contact your favorite VIBE agent to help you properly prepare for this extreme selling atmosphere, and avoid leaving money on the table.
See you next month!