Rinse and Repeat...but with a twist?
At first glance, May of '22 is looking like a repeat of last year, with many of the numbers coming in very similar to last spring. However, there are a few signs that we may be shifting gears a bit in this ever changing Twin Cities real estate market. Read on for a breakdown of each category, and our thoughts on where things might be headed.
Let's start by looking at the Average Sale Price, which landed at just under $436k ($435,944 to be exact). Once again, this is officially the highest we have ever seen on record, and was the fourth month of continuous growth. The Median Price also grew to its highest level, landing at $375k. These two metrics are the most different of any from last year due to prices rising dramatically across the board since the beginning of the pandemic.
Next we'll look at average days on market, and how we're sitting for overall home supply. Days on Market seems to have an unwritten rule attached to it where it bottoms out at 7 days, because we've seen it hit that five times over the last year but never go below. And yes, that's where we're at again - just one week for your home to sell. For Months Supply of Inventory, we are sitting at 1.2 months, which while unhealthily low, is up from earlier in spring.
Okay, time to pop the clutch and shift down because there's a bit of a disparity between these last two figures. The number of New Listings went up by roughly 900 from last month, landing almost exactly where it was last year at 7,562. Alongside this, the Total Inventory also climbed about 400 to 6,649, which again, is pretty normal. Still with me? Okay, because here's the twist...the Total Units Sold was only 5,210, which is actually down 400 from last year, and is a very likely indicator that things are actually slowing down versus ramping up. Starkly different from how 2021 played out.
We have been keeping close tabs on the market's changes, and we will continue to bring you our thoughts on how things look. That said, I think next month's recap will be extremely interesting given what we've been noticing over the last few weeks or so. Be sure to tune in for that, and as always, if you're planning to make a move anytime soon, connect with a VIBE agent to help you along the way. You won't regret it.
