Twin Cities Housing Market Sets Record for Median Sales Price!
According to MAR, MN Association of Realtors, the Twin Cities set a new single-month record for the median sales price of a single-family home in March, even as above-average precipitation and soggy basements contributed to slower sales. The median sales price hit $275,000 in March, the highest on record for the Twin Cities in any month and an increase of 6.5 percent over March 2018, according to data released Thursday by the industry association Minneapolis Area Realtors. MAR suggests wet weather and melting snow may have played a role in both closings and listings declining in March from the same time a year earlier; sellers listed 8.8 percent fewer homes for sale compared to March 2018, while buyers closed on 9.3 percent fewer homes than a year ago. The inventory homes for sale is still low at just 1.8 months, well below the four to six months of supply most consider the sign of a healthy, balanced market. But there are signs that the market’s pendulum is starting to swing in favor of buyers. -By Dylan Thomas, Staff reporter, Minneapolis / St. Paul Business Journal  Apr 18, 2019, 12:24pm EDT

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