This is part of a report from Minnesota Realtors which is a state association for Realtors.
“The year ends with Marked Declines in Closed Sales
In December, closed sales fell almost 39% across the state compared to a year ago, marking 12 straight months of declines. New listings were 17% fewer than last year with 3,031 new properties coming on the market in December. With buyer demand slipping, homes were staying on the market longer, up 24.3% to 46 days. Sellers were accepting offers that averaged about 96% of the home’s original asking price.
The overall number of homes for sale was up 15.3% compared to last year rising to 9,204 properties and putting a month and half of inventory in the pipeline, which is a 50% increase over December 2021. Despite decreased buyer activity, the median sales price notched up 1.7% to $305,000. “
I like the graphic they always include with the email that gets sent to members:
The chart does show that there are more homes for sale in December 22 than in December 21. I just want to point out that here in the metro area, the number of homes on the market is very small and we are still in a strong sellers’ market.
