Mortgage rates continue to hover near all-time lows, creating strong buyer interest.
Showing activity was up 4% nationally versus a year ago and reached a new high for the year. Sellers, however, continued to be hesitant and inventory levels fell locally 38.8% to 508 units.
As states and localities continue to moderate COVID-19 policies, real estate activity is expected to continue to improve in the coming weeks. Buyers are eager to take advantage of mortgage rates still under 4%, and sellers will be encouraged by the increase in home prices and shortened market times.
Overall housing market activity in the St. Cloud area was up from June 2019, with a significant increase from March & April. It comes as no surprise that COVID-19 had a sizable effect on March and April activity.
The greatest effect of COVID-19 has been the inventory. Understandably, homeowners have been hesitant to place their home on the active market to reduce potential exposure from agents and buyers entering the home. New listings in the St. Cloud market decreased 13.3% to 319 compared to last year. The good news for sellers is that buyer interest remains strong, continuing the upward trend of home prices in several price ranges and shorter market times. The median sales price increased 7.4%. Rest assured, when placing your home on the market, agents are taking great precaution to ensure the safety of the client and the homes entered.
As you begin your home search through virtual tours and safe showings, find out everything you need to know about buying-get the Go-To Guide for Buying a Home at www.EdinaRealty.com or from an Edina Realty agent. It’s free and full of answers to your home buying questions.
Key Insights from June 2020
(compared to June 2019)
New Listings: 319 -13.3%
Median Sale Price: $214,900 +7.4%
Pending Sales: 327 +1.9%
Average Days on Market: 63 0.0%
Number of homes for sale: 508 -38.8%
Key Insights for homes over $300K
New Listings: 74 -5.1%
Median Sale Price: $374,500 -9.0%
Pending Sales: 61 -17.5%
Average Days on Market: 100 -13.8%
Number of homes for sale: 222 -0.8%
(Data from the Regional Multiple Listing Service for the St. Cloud MSA)