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Home prices flat, buyer and seller activity still well below last year

April 17, 2023 by Mighty Agent

  • The median sales price was unchanged at $355,000
  • The average market time was up 62.9 percent to 57 days
  • New listings down 23.9 percent; pending sales down 27.9 percent

(April 14, 2023) – According to new data from Minneapolis Area REALTORS® and the Saint Paul Area Association of REALTORS®, home prices flattened out and held steady from last March. The metro’s median sales price stands at $355,000. Buyer and seller activity are still down around 25.0 percent from year-ago levels.

Sales & Listings

In March, sellers brought 4,980 new listings online which amounted to 23.9 percent fewer than last year. Of those and other active listings that sold, half lasted fewer than 27 days on market. That may seem high compared to last year’s figure of 12 days on market, but it’s in line with 2018, 2019 and 2020 for this time of year. This is another sign that normalizing demand has had a stabilizing effect on the market.

“While we do still see some competition for the most desirable listings, buyers don’t feel quite as rushed as they did a year or so ago, and they are being more selective,” said Jerry Moscowitz, President of Minneapolis Area REALTORS®. “The challenge now is on the monthly payment side which has forced buyers to think more critically about their options and budget.” Buyer activity continued to decline in the wake of the Federal Reserve’s rate hiking campaign, which has increased the cost of borrowing notably. Last month, buyers signed 3,767 purchase agreements, 27.9 fewer than a year ago. It was a similar story for closings—the 3,156 closed deals in March were down 20.5 percent. Largely because of rising rates, home sales have now seen 10 consecutive months of double-digit year-over-year declines that started in June 2022.

This means that sellers have had to adjust their expectations. There’s at least two sides to every story, and what’s seen as a return to normal for some could also be viewed as a downturn from a seller’s perspective. Sellers accepted an average of 98.6 percent of their list price compared to 102.7 percent last year. Price negotiations have moved slightly in buyers’ favor. But overall, the balance of the market has remained relatively tight because both buyer and seller activity have downshifted in tandem.

Inventory & Home Prices

The increases in home prices have dissipated as buyer activity has come down from record highs. Bidding wars have eased but not disappeared. “Even as sales have slowed from record highs, motivated buyers are out there but not to the same degree as recently,” said Brianne Lawrence, President of the Saint Paul Area Association of REALTORS®. “That means prices aren’t being pushed up like they were. This is welcomed news for buyers, but sellers are still getting solid offers in a reasonable timeframe.”

The Twin Cities metro is still technically in a seller’s market, just not to the same degree as last year. There were 5,769 homes available for sale at the end of March, or 2.1 percent more than last year. Since buyer demand has waned and our inventory rose slightly, March’s month’s supply of inventory was up 27.3 percent. That meant we had 1.4 months’ supply of inventory at the end of the month. Typically 4-6 months of supply are needed to reach a balanced, neutral market.

Location & Property Type

Market activity varies by area, price point and property type. New home sales fell 6.7 percent while existing home sales were down 21.1 percent. Single family sales fell 22.0 percent, condo sales declined 28.9 percent and townhome sales were down 3.9 percent. Sales in Minneapolis decreased 26.0 percent while Saint Paul sales fell 21.9 percent. Cities like Watertown, Victoria, Mendota Heights, Blaine and Hudson saw the largest sales gains while Robbinsdale, Mound, Isanti and New Richmond all had notably lower demand than last year.

March 2022 Housing Takeaways (Compared To A Year Ago)

  • Sellers listed 4,980 properties on the market, a 23.9 percent decrease from last March
  • Buyers signed 3,767 purchase agreements, down 27.9 percent (3,207 closed sales, down 20.5 percent)
  • Inventory levels grew 2.1 percent to 5,769 units
  • Month’s Supply of Inventory rose 27.3 percent to 1.4 months (4-6 months is balanced)
  • The Median Sales Price was flat at $355,000
  • Days on Market rose 62.9 percent to 57 days, on average (median of 27 days, up 125.0 percent)
  • Changes in Sales activity varied by market segment
    • Single family sales decreased 22.0 percent; Condo sales were down 28.9 percent & townhouse sales fell 3.9 percent
    • Traditional sales declined 20.1 percent; foreclosure sales rose 11.1 percent; short sales increased 42.9 percent
    • Previously owned sales decreased 21.1 percent; new construction sales declined 6.7 percent

Filed Under: Listings and Pendings

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What Our Clients Are Saying

Working with the Spiczka Marketing Group to buy our first house was a great experience. Their combined expertise is more than you could ever get from a single realtor, and they are very collaborative, so you have a group of awesome people working for you! Even though we had a couple of houses not work… “Testimonial 1”

Renee S.
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The most lovely duo in real estate is this mother-daughter team. My naivety lent me to having little confidence in buying my first home, but Lyndsey and Cyndy helped guide me to a wonderful home. Later they helped our growing family sell, and got us into our current home well suited for our expanding needs.… “Testimonial 2”

Michelle S.
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You guys definitely showed you know your industry and all the little things that help differentiate one house from another in a very competitive market. Your guys are the rock stars of the realtor world in our book!

The Williams Family
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The Spiczka Marketing Group did an outstanding job of first helping us to sell our home in the depressed 2008 market. We were able to sell and receive the needed amount to finance our new home that they helped us to find and ultimately purchase. They understood our needs and wants and selected homes matching… “Testimonial 4”

Larry and Kathy Nelson
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The Spiczka Marketing Group made my buying experience easy and worry free! I have purchased two homes with them and they sold one for me too. They are always accommodating and having a team of people to help with the buying process makes scheduling showings a breeze. Anytime I need to purchase real estate in… “Testimonial 5”

Mike H.
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It was an absolute pleasure working with the Spiczka Group! Cyndy and Lyndsey were amazing in every way. I was most impressed with the promptness and flexibility they had with scheduling showings and answering all of my questions, even on short notice. I always felt like I was a priority. Their experience guided us through… “Testimonial 6”

Cami T.
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Lyndsey was wonderful to work with! She understood our needs almost immediately, and as first-time home buyers in a competitive market, she helped us to stay patient and keep a positive perspective. She was always available and quick to respond to any questions, and she also connected us with some amazing people to help with… “Testimonial 7”

Amanda & Marcus
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We truly enjoyed working with the Spiczka family during our recent home search. They were always very kind and patient when dealing with all of our questions. We quickly found that their experience sets them apart from other realtors. I believe they are in the business for the right reasons and enjoy helping people find… “Testimonial 8”

Nikki W.
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The Spiczka family was recommended to me as I began my search for my first home, and I couldn’t have been happier with my experience. I felt comfortable throughout this new process because I knew Cyndy and Lyndsey had my best interests in mind. Their level of communication went above and beyond my expectations by… “Testimonial 9”

Kristy
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The Spiczkas did a wonderful job at helping us find our home. They’re always there to help you and answer any questions you have. And not to mention we had a blast with them. I would recommend them to everyone.

Kaitlyn
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The Spiczka group was fantastic to work with. I was a first time home buyer and they took the time and explained things to me along the way and were very patient in my long search for a home. The team was able to show me houses just about anytime I wanted to see a… “Testimonial 11”

Steve
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Cyndy and Lyndsey Spiczka embody what buyers and sellers need! We have worked with them 5 different times buying and selling properties over the past 12 years and we would not work with other agents. Their market knowledge and professionalism is unprecedented as is their ability to negotiate a deal that met our needs as… “Testimonial 12”

Denice
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