As a real estate agent in the Twin Cities, I pride myself on having the experience and a deep understanding of the local market and how various changes affect home prices in our area. If you are considering buying or selling a home in the near future, I'd love to provide you with a complimentary market analysis to get the process started. It's important to have a base understanding of what's happening in your target area so you know what to expect for pricing, time on market, etc. Just shoot me a quick email or give me a call and I can get information over to you on your neighborhood. Have a great day!

Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.

While mortgage rates remain near record lows, The Mortgage Bankers Association reports that lending standards are tightening, which makes it a bit more difficult for some buyers to qualify. At the same time, unemployment remains substantially higher than a year ago due to COVID-19. Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic.

New Listings in the Twin Cities region increased 9.8 percent to 7,771. Pending Sales were up 27.7 percent to 6,443. Inventory levels fell 32.0 percent to 8,936 units.

Prices continued to gain traction. The Median Sales Price increased 10.8 percent to $310,000. Days on Market was down 15.9 percent to 37 days. Sellers were encouraged as Months Supply of Homes for Sale was down 37.0 percent to 1.7 months.

Pending Sales in the Twin Cities area were up 6.9 percent overall. The price range with the largest gain in sales was the $350,001 to $500,000 range, where they increased 26.4 percent.

The overall Median Sales Price was up 10.8 percent to $310,000. The property type with the largest price gain was the Single-Family segment, where prices increased 7.0 percent to $321,000. The price range that tended to sell the quickest was the $190,001 to $250,000 range at 33 days; the price range that tended to sell the slowest was the $1,000,001 and Above range at 155 days.

Market-wide, inventory levels were down 32.0 percent. The property type that gained the most inventory was the Condo segment, where it increased 41.1 percent. That amounts to 1.6 months supply for SingleFamily homes, 1.5 months supply for Townhomes and 3.9 months supply for Condos