Ted Bergstrom

MN Real Estate Team

612.723.5444

Ted@TedBergstrom.com

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For Week Ending July 17, 2021

Cash buyers continue to make up a significant portion of the U.S. housing market, with nearly one-third of home sales this year being all-cash purchases. Although investors make up a considerable number of cash sales transactions, the increasing availability of remote work during the pandemic has allowed some homeowners to sell their homes in pricey markets and relocate to less-expensive locales, where they’re able to pay cash for a new home, giving them an edge in a highly competitive market.

In the Twin Cities region, for the week ending July 17:

  • New Listings increased 3.1% to 1,909
  • Pending Sales decreased 12.0% to 1,422
  • Inventory decreased 29.0% to 7,106

For the month of June:

  • Median Sales Price increased 14.8% to $350,000
  • Days on Market decreased 52.4% to 20
  • Percent of Original List Price Received increased 4.5% to 104.1%
  • Months Supply of Homes For Sale decreased 42.9% to 1.2

All comparisons are to 2020

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

The increase in sales prices comes with a slight decline in existing home sales nationwide, as homebuyers struggle with declining affordability amid a lack of inventory, forcing some buyers to simply wait it out in hopes of more inventory and less competition.