This just in from the state association of Realors®
Closed Sales of Residential Homes Drop as New Listings Shrink
“As fall approached, closed sales of residential homes in Minnesota declined 8.4% compared to September 2020. Correspondingly, new listings fell 8.5% over last year and pending sales were down 15.3%. Responding to the lean inventory, buyers competed for limited housing stock, reducing the average time homes stayed on the market to just 27 days, a 34.1% decrease over last September. Sellers were receiving 100.4% of their asking price for homes, a 1.2% increase. The overall number of homes for sale shrank 19.8% to 12,618, and months supply was down 23.8% to only 1.6.”
As we go into Fall we are still in a seller’s market.