The Twin Cities housing market enjoyed its best November in 16 years as measured by new purchase agreements, but buyers are finding slim pickings because of the shortage of homes for sale, according to local Realtors.
Last month, new purchase agreements were up 13.4% year-over-year, making it the strongest November for pending sales since 2004, the Minneapolis Area Realtors and St. Paul Area Association of Realtors said Thursday.
Seller activity ticked up 1.3% during the month, while the median sales price rose 10.7% to $310,000, the Realtors said. In raw numbers, sellers put 4,035 homes on the market during the month and buyers signed 4,640 purchase agreements.
One driving factor: The fall and winter seasons are “behaving more like a spring market since activity was delayed from the spring and winter months,” the Realtors said.
Twin Cities median home sale price hits all-time November high of $310,000 Sales keep surging, though agents say signs are emerging that buyers are getting wary of rising prices. December 17, 2020 5:24pm Text size Copy shortlink:
For home sellers in the Twin Cities, November was one of the best on record by several measures.
Buyers signed more purchase agreements than any November since 2004, and there haven t been as many closings since at least 2003, according to new data from the Minneapolis Area Realtors and the St. Paul Area Association of Realtors.
House shoppers were also particularly decisive. With a median market time of a little more than two weeks, homes went under contract in record time and nearly 50 % faster than last year at the same time.