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Market Update: November 2022

Posted by VIBE Realty on Wednesday, December 7th, 2022 at 5:36pm.

It's beginning to look a lot like Christmas! Seriously, it's nice and snowy outside. The pretty kind, too — not the muddy, gross kind...

Welcome back to another Twin Cities Market Recap, the largest and most in-depth breakdown of any real estate market in the world. Okay, slight exaggeration, but we do a pretty good job of bringing the latest market information to a digestible level. Speaking of market info, last month we saw some pretty staggering numbers hit the board, and for a moment, everything seemed to be going a little crazy. We'll touch on our thoughts on why in our wrap-up, but safe to say that November's numbers have brought things back into orbit.

While the average and median sale prices have been in decline for five consecutive months now, they are not in a free fall by any means. In fact, they're still sitting at roughly $30k over where they were last year, and appear to be leveling out. Average price currently sits at $421k, and the median price is at $354k.
Where things really took a turn last month, though, was the average days on market, making a gigantic leap to 36 days (up from 19 the month before), and had everyone wondering how this month would shake out. Well, it came back down considerably in November and sits at 24 days, so October was just a bit of a blip in the DOM spacetime continuum.
In regards to inventory levels, things are starting to calm down as they seem to do every year around this time in Minnesota. New listings came down to 3,237 which isn't too far off from last November. Total units available was at 7,588, and units sold was at 2,914. Those combined make for a larger amount of overall inventory in general, causing the month's supply of inventory to be at 1.7, almost a full month higher than last November.
What's this all mean? Well, it appears that the roller coaster that was fall is (for now at least) hitting the calmer part of the ride. Numbers are starting to look more seasonally accurate, and while not as aggressive of a seller's market as last year, still favorably leaning that direction overall. It's hard to galvanize the correlation between the interest rate hikes and fall market this year, but it sure did seem to have an impact. Nonetheless, winter can still be a great time to move in real estate. If you are looking to do so, reach out to your favorite agent here at VIBE and find how to make the season work to your advantage — you'll be glad you did.

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