April 2021
April was another strong month for home sales. The busy spring market continues to see many multiple offer situations driving sales prices above asking price. With such strong activity, by the time a property sale closes, the market may have already moved higher than that sold price suggests. Such markets can create stress and frustration for prospective homebuyers, who are frequently having to submit offers on multiple properties before they are able to secure a purchase.
New Listings in the Twin Cities region increased 21.7 percent to 7,468. Pending Sales were up 33.6 percent to 6,220. Inventory levels fell 45.8 percent to 5,619 units.
Prices continued to gain traction. The Median Sales Price increased 10.5 percent to$337,000. Days on Market was down 34.0 percent to 31 days. Sellers were encouraged as Months Supply of Homes for Sale was down 52.4 percent to 1.0months.
In the spirit of the great Wayne Gretzky, buyers, sellers, and their agents are all trying their best to skate to where the puck, or rather, the housing market, is going, not where it has been. While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer.
– SAINT PAUL AREA ASSOCIATION OF REALTORS®
