The Spring Selling Season: New Listings by Month
The Twin Cities Spring real estate market is a bit of a chicken and egg question. Do the buyers come out first, then the sellers respond by putting their homes on the market? Or, do the sellers put their homes on the market drawing out buyers? What we've seen as a general trend in the Twin Cities, is; over the years, there has been a reliable pattern that sellers begin to put homes on the market in February, after the Super Bowl. From there, the numbers of new listings per month continues to rise. It will be interesting to see how the 2017 market plays out.
Looking at the chart below, the market saw a peak of new listings in April of 2016 with the highest level of new inventory posted during that month. What’s interesting to note about downtown is that unlike many areas of the metro, there are more new listings priced $250K - $500K (RED) than those priced $250K or less (BLUE). When we compare the first quarter of 2016 to that of 2017 we're seeing this year was heavy out of the gate, with 104 new listings in January versus 54 last January. Also note the peak in March. With inventory of downtown properties (listed under $500K) down about 25% from last year, perhaps sellers are taking advantage of the demand and getting in early. Yet sellers of higher end properties, those priced between$ 500K-$1M (GREEN) and those over $1M (PURPLE), are taking advantage of a stronger market, seeking to capitalize on their gains, with new listings in this first quarter of 2017 doubling last year's first quarter.
For the chart, Downtown Minneapolis also includes Nicollet Island/East Bank, and Marcy Holmes – Townhomes and Condominiums only
This chart is interactive, slide cursor over graph for further information.
If you’re interested in buying or selling, we’re here to help you. Our team of professional agents understand the market and are ready to help you in today’s busy real estate market. Contact us today to speak to a member of the team, 612-925-8455 or Chad@BergLarsenGroup.com.