Home buyers outnumbered sellers in much of the Twin Cities — and in nearly every price range — last month. By a long shot.
At the end of March there were just shy of 5,000 houses for sale across the metro, about half as many as last year and the lowest figure in nearly two decades, according to a monthly sales report from the Minneapolis Area Realtors.
And with a double-digit percentage increase in signed purchase agreements, but a nearly equal decline in newly listed properties, March was a battlefield for buyers. On average across the metro, sellers received 2% more than their asking price, causing a nearly $30,000 annual increase in the median price, which rose to a record $327,500.
"For everyone who is selling, regardless of why they're selling, there's at least 30 people who want to buy their house," said Leah Drury, a Twin Cities sales agent.
Her business partner, Jill Numrich, said she recently listed a house in New Brighton that had 126 showings in two days and 27 offers. She said all of the 27 home sales the team was involved with during the first quarter involved multiple offers.
"It was just crazy, it's everywhere," she said.
At the current sales pace, there are now only enough houses on the market to last less than a month. The market is considered balanced when there's a four- to six-month supply. On average, houses sold in 38 days, a nearly 40% decline compared with last year.
Annual sales gains varied by location, price and property type. Sales were up nearly 32% in Minneapolis and nearly 10% in St. Paul. And condo sales increased nearly 32%, outpacing gains for single-family and townhouses. Builders are in high demand, as well. New construction sales rose by a quarter and home sales above $1 million increased more than 70%.
