In the second quarter of 2020 we’ve seen home showings on the rise (read more about that here) and inventory of homes for sale continue to remain low, even decline.
For the week ending on June 27th. 2020, we continue to see indicators of a strong sellers’ market and very competitive buyers’ market.
The Minneapolis Area REALTORS® report the following data on last week’s market activity:
- Decrease of 16.9% in new listings to 1,612
- Increase of 3.1% in pending sales to 1,606
- Decrease of 25% in inventory to 9,705
Data for the month of May shows:
- Increase of 3.5% in median salas price to $294,900
- Decrease of 8.9% in days on market to 41
- Decrease of 0.4% in percent of original list price received to 99.6%
- Decrease of 16% in months supply of homes for sale to 2.1
Additionally, the National Association of REALTORS® Confidence Index Survey of more than 4,000 members reflects that there were nearly three offers for every home sold in May. That’s an increase from two offers per sale in the month of April.
What does this data tell us?
- Buyers are out in full force making strong offers on properties that are priced appropriately.
- Inventory of homes for sale remains at an all-time low. Sellers have little competition for buyers.
- Sellers that have priced their properties appropriately for their market can expect to receive their asking price and possibly have at least two offers to choose between.
- Buyers should do their due diligence before seeing properties in person. Have your financing plans in order (pre-approval with a reputable lender). Know your options for strengthening your offer (flexibility in closing date, quick inspection contingency).
Want to know how we use this data to help you meet your real estate goals? Contact us for a phone call, Zoom meeting, or coffee date!
