Compared with the frenetic record-setting pace during the last half of 2020, the housing market in the Twin Cities this fall is starting to look a bit more normal. Just a little.
Last month there were just 5,590 pending home sales in the Twin Cities metro, 14% fewer than the year before, according to a joint monthly sales report released Monday from the Minneapolis Area Realtors (MAR) and the St. Paul Area Association of Realtors.
There weren't as many sellers, either. At the end of the month there were nearly 16% fewer houses for sale compared with last year.
"It is slowing, but it's nowhere near a balanced market," said Brenda Tushaus, chief executive at Eden Prairie-based Re/Max Results. "People are starting to feel that seasonal adjustment we normally feel at this time of year."
Real estate agents say the COVID-19 pandemic pushed the 2020 spring buying season into the last half of the year, blurring all normal year-over-year comparisons. Still, by virtually every measure, this fall has been one of the strongest seller's markets of the past decade.
Though there were fewer house closings compared with last year, there were more buyers than sellers in some parts of the metro last month, triggering multiple offers that helped boost the median sale to $341,750 — more than 10% higher than last year, according to the new report.
Houses also sold more quickly and for a higher price than in previous years. On average, houses sold in just 23 days
"We are still in a period where year-over-year comparisons can be skewed," said MAR President Todd Walker. "We've gone from Mach 3 to Mach 1. Still a fast pace, but agents are seeing fewer multiple offers."