by VIBE Realty
on Friday, July 8th, 2022 at 1:46pm.
You know, we have been doing the market recap every month for over two years now. You'd think that after a while it would start to feel monotonous, but for me, every month is like having a new ride to try at Valley Fair, and you just never know what you're going to get until you strap in. And yes, I am one of the people that stands in the long line at the front of the rollercoaster seeking that little extra bit of thrill.
Whatever publication you get your news from, there's about a 100% chance you've stumbled upon a few articles related to the economy and whether it's affecting the housing market. Well, we won't be solving that entire mystery today, but the good news is that tracking real estate data is something we do quite well. So, let's break it down and we'll see if we can start to see a trend in any particular direction. Buckle up.
Price points are a great way to start, and they definitely deserve the attention this month. June has officially produced the highest average AND median sale prices on record for the Twin Cities real estate market. The Average sale price climbed up by $12k, coming it at a total of $447k, where the Median landed at $380k. For perspective, last June had an average of $40k less, and a median of $30k less. Wowza!
With that increase in prices, it would have seemed normal for the average days on market to continue downward, but it actually went up from 7 to 8 (yes, I know that's only one day). Another one that seems a bit surprising is the Months Supply of Inventory, which climbed by over a quarter of a month, landing at 1.5 months. Again, not a huge difference, but coming at a time that we would have expected to see it go down.
The picture starts to get a little bit clearer when looking at the inventory levels. There were 7,612 New Listings last month, which is actually a fair amount less than last June. The difference? How many are selling. The Total Units Sold were 6,155 which is roughly 20% less than houses that came on, compared to last year which was only an 11% difference. Also, Total Inventory has climbed to 7,708 which is a big hike from last month, and just shy of being the highest all year.
What are we to derive from this? Well it seems that the demand is still in very strong force, but with inventory levels climbing at the rate they appear to be, we may get a bit of a reprieve from the all out piranhas in a pond sort of atmosphere buyers have been in for the last year and a half or so. So, is it a good time to sell? Make a real estate move? That's really up to you! We just want to help, regardless of what the market is like. Be sure to check out our most recent article on how a good Realtor ® can make a difference in any market, and be sure to connect with an agent here at VIBE if you're looking to make a move yourself.