Yes I know it is closer to June than it is to April but it takes a while to get and tabulate all of those numbers. When I look at them I do see trends and patterns.
The number of houses on the market was up in April 2023 from 2022. That makes sense because there are probably fewer buyers due to higher interest rates. I think people are hanging onto their homes this year due to high-interest rates.
According to Minnesota Realtors, which is the state Realtors Association,
Although the weather was warming, sales activity across the state iced over as closed sales dropped almost 31% compared to April 2022. Despite downward trends, competition for desirable properties remained brisk. On average, sellers were receiving 99.3% of their asking price, and in some areas, multiple offers continued to drive up the sales price.
April year-over-year summary of key market indicators:
- Closed sales: 4,522 (down 30.9%)
- Median sales price: $335,000 (down 1.5%)
- Average sales price: $386,617 (down 0.6%)
- New listings: 7,290 (down 27.0%)
- Pending sales: 5,769 (down 28.7%)
- Days on the market: 41 days (up 36.7%)
- Homes for sale: 9,561 (up 1.1%)”
When we get the May numbers at the end of June I believe we will see an uptick in median home sale prices and home sales will be lower than in May 2022.
