Monthly Market Report for May - Travis Senenfelder

According to the Minneapolis Area Association of Realtors, the month of May has proven to be a good month for real estate. It is showing that there could be some good times ahead! With homes selling quicker and for higher amounts than in previous months. Check out an excerpt from the report below:

"Combined with strong sales, the recent drop in listing activity has translated into 
competing bids on existing inventory and modest price gains in select 
neighborhoods. Informed sellers have noticed homes selling quicker and for closer 
to asking price. Home searches are turning up far fewer results than in recent years. 
National headlines mask regional variability. With fewer distressed properties selling, 
prices are effectively “melting up” due to less downward pressure. May looks pretty 
good all around.
New Listings in the Twin Cities region decreased 6.0 percent to 6,599. Pending Sales 
were up 27.3 percent to 5,130. Inventory levels shrank 31.1 percent to 17,262 units. 
Prices moved higher. The Median Sales Price increased 10.5 percent to $169,000. 
Days on Market was down 19.6 percent to 125 days. The supply-demand balance 
stabilized as Months Supply of Inventory was down 45.6 percent to 4.5 months.
In economic news, May's jobs report was disappointing, and there's a growing 
concern about the pace of domestic growth. Last month was also unsettling for 
investors, prompting some to hunt for better returns in the housing market. This 
forces other consumers up the price ladder. In politics, the Senate approved a 60-
day National Flood Insurance Program extension. But with campaign season upon 
us, major housing-related bills or policy shifts are unlikely."

Read the full report here!

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