As reported in the Star Tribune, the month of November saw a much-needed infusion of new home listings. Almost 4,000 homes were listed, an increase of roughly 12% over the same month last year. At the same time, the number of signed purchase agreements has dipped, meaning more homes are staying listed, building up inventory. With increased inventory, the home shopping situation may seem less dire and cutthroat, luring timid home shoppers off the sideline. This warmer winter weather certainly isn't hurting!
The article also shares that the median sales price for the month of November was a boggling $265,150, an increase of over 8% from last year’s number and breaking the month’s record high. Even with the influx of home listings, the entry-level market remains sparse, which has proven to help drive the median sales price up. It will likely take several months of additional listings, especially in that bracket, to further ease the upward pressure on prices.
In other news, Christmas is less than a week away! Hopefully you are in the last push of prep and you’re able to slow down and enjoy the time with loved ones. Please look for our holiday greeting soon.