The graphic is a bit misleading with all of those arrows pointing up. I would not describe the current housing market as healthy or good. It isn’t surprising that home sales and new listings are up from a year ago when we were under a pandemic lock-down. In some parts of Minnesota, there was a 70% increase in home sales. In the seven-county metro area, sales are up 9.4% from April 2020, new listings are up 24% and prices are up 7.4%. Southwest Central MN saw a decline in home sales.
It is surprising though that the number of homes on the market has dropped by 52% since last April leaving us with a one-month supply. In April of 2020, there were 17,634 homes on the market in the state, in April of 2021 there were just 8,519. There were also over 22000 Realtors in Minnesota in April.
It will be interesting to see how the year shakes out. I predict that the number of homes on the market will go up in the second and third quarter as people have more confidence in vaccines and in the economy.
If you have a house you are interested in selling we do have plenty of buyers.