Carl Zinn

Zinn Family REALTORS®

Site logo-1
Site logo-2
CB logo
  • Home
  • Properties
    • Our Listings
    • Recent Zinn Sales
  • Resources
    • For Sellers
    • For Buyers
  • News
    • Weekly Reports
    • Local Market Updates
  • The Zinn Team
  • Testimonials
  • Contact

Twin Cities Housing Market Returning to Historic Trends

August 23, 2021 by Zinn Family

(August 17, 2021) – According to new data from the Minneapolis Area REALTORS® and the Saint Paul Area Association of REALTORS®, buyer activity in the month of July more closely resembled a typical, pre-pandemic summer than the frenzied buying spree seen over the last year or so. Demand as measured by pending sales was down 11.2 percent from July 2020 but was flat compared to July 2019.

Meanwhile, seller activity in the Twin Cities Metro increased for a fourth consecutive month. The number of homes listed on the market during the month was up 0.7 percent from last year, partly a result of the pullback in seller activity last spring and summer.
“Buyer activity was remarkably strong around this time last year,” said Tracy Baglio, President of the Saint Paul Area Association of REALTORS®. “It’s important to put softening sales figures in context. We’re returning to a more typical market in line with the past five years. Compared to the frenzied pace of Summer 2020, that appears to be a slowdown, but it’s really just ‘normalization.’” Overall, sellers are still firmly in control of this market; that hasn’t changed. With just 1.3 months supply of inventory, the metro remains a sellers’ market. Historically, six months of supply is considered a balanced market.

Another hallmark of supply-constrained markets is fast market times. The median number of days a property remained on market declined 58.8 percent to seven days. In other words, half of the pending sales in July had accepted offers within a week of being listed. On the other hand, home prices were up 11.9 percent from last July to arrive at $350,000 for the month. That’s even with June, even though prices tend to reach their seasonal peak in June.
“With offers still coming in at an average of 3.6 percent over original asking price, more people are understanding the strength of this market,” according to Todd Walker, President of Minneapolis Area REALTORS®. “Any supply increase can readily be absorbed by the record demand in the marketplace, and any rebalancing or adjustment will take some time to play out.”

Activity varies by area, price point and property type. Sales of single-family homes were up 3.4 percent in Minneapolis and level in St. Paul, suggesting demand remained strong in the core cities. Condos were the only property type to grow in year over year sales. Across the 16-county Twin Cities region condo sales rose 8.6 percent. Sales of previously owned homes fell 2.5 percent while new construction dropped 23.9 percent.

July 2021 by the numbers compared to a year ago

    • Sellers listed 8,139 properties on the market, a 0.7 percent increase from last July
    • Buyers signed 6,202 purchase agreements, down 11.3 percent (6,695 closed sales, down 5.2 percent)
    • Inventory levels fell 25.3 percent to 7,590 units
    • Month’s Supply of Inventory was down 35.0 percent to 1.3 month (4-6 months is balanced)
    • The Median Sales Price rose 11.9 percent to $350,000
    • Days on Market decreased 53.7 percent to 19 days, on average (median of 7 days, down 58.8 percent)
    • Changes in Sales activity varied by market segment
      • Single family sales were down 5.5 percent; condo sales rose 8.6 percent; townhome sales decreased 5.3 percent
      • Traditional sales fell 4.2 percent; foreclosure sales were down 54.5 percent; short sales fell 42.9 percent
      • Previously owned sales were down 2.5 percent; new construction sales dropped 23.9 percent

      From The Skinny Blog.

Filed Under: The Skinny

FOLLOW US

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Testimonials

Working with the Zinn Family Realtors was a wonderful experience. You have a whole team of people helping… Read more “– Abby W.”

- Abby W.

Carl Zinn and his family listed and sold our home in the fall of 2018. They were extremely… Read more “– Kerry N.”

- Kerry N.

Carl and his family are extremely knowledgeable about Christmas Lake and have sold many of the homes there.… Read more “– Harley F.”

- Harley F.

Very knowledgeable, professional and great to work with. Always prepared home nice for showing and communicated well. Would… Read more “– Steve S.”

- Steve S.

At the outset, I have to say I think most realtors don’t deserve a commission. The Zinn family… Read more “– Thomas Schmidt”

- Thomas Schmidt

The Zinn Family Realtors are the best choice for Lake Minnetonka area home sellers. Their local market expertise… Read more “– Peter G.”

- Peter G.

The Zinn family is The Best In Class team of professional Realtors that sold our home in the… Read more “– Jodie, Terry and Hunter”

- Jodie, Terry and Hunter

he Zinn Family Realtors CB are a wonderful agents. Carl Zinn and his wife Ali helped us buy… Read more “– Sally W.”

- Sally W.

We’ve used Zinn Family Realtors twice, eight years apart. In the intervening time many friends and neighbors did… Read more “– Andrew H.”

- Andrew H.
  • Area Links
  • Calculators
  • Finding A Loan Officer
  • Local Market Updates
  • Markets Updates
  • Mortgage Glossary
  • Schools
  • The Loan Process

Follow us!

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Contact us!

Phone: 952.474.4444

Email: jenny.zinn@cbburnet.com

Zinn Family Realtors

Coldwell Banker Burnet

19400 Highway 7

Excelsior MN 55331

Contact Me


Realtor & Housing

Licensed In Minnesota

All information deemed reliable but not guaranteed and should be independently verified.


Copyright © 2022 | Limelight Marketing Systems