332 2nd Street - Excelsior, MN 55331

Office #: (952) 474-0894

332 2nd Street - Excelsior, MN 55331

Office #: (952) 474-0894

Direct #: (612) 701-7404

Weekly Market Report

For Week Ending May 13, 2023

May is the best month to sell a home, according to a recent analysis by ATTOM Data Solutions, which found that, on average, sellers saw a premium of 12.8% above market value when selling in May. June and April are the second and third best months to sell, with sellers receiving average premiums of 10.7% and 10.3%, respectively. The analysis studied over 51 million home sales between 2011 and 2022 and found that the largest premiums were achieved by sellers who sold in late spring and early summer.


  • New Listings decreased 26.1% to 1,422
  • Pending Sales decreased 13.0% to 1,128
  • Inventory decreased 2.3% to 6,500


  • Median Sales Price decreased at $368,580
  • Days on Market increased 64.3% to 46
  • Percent of Original List Price Received decreased 3.6% to 100.1%
  • Months Supply of Homes For Sale increased 33.3% to 1.6

All comparisons are to 2022

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

Prices dip for first time since 2012 but sellers still receive over asking price

  • The median sales price was down 0.7 percent to $367,500
  • The average market time was up 60.7 percent to 45 days
  • New listings down 27.9 percent; pending sales down 28.8 percent

(May 17, 2023) – According to new data from Minneapolis Area REALTORS® and the Saint Paul Area Association of REALTORS®, home prices dipped slightly from last April. Both buyer and seller activity were also lower compared to last year.

Sales & Prices

Prices were flat in March and down less than 1.0 percent in April. Despite a slight softening in prices, sellers were still getting offers above their list price, on average (100.1 percent) despite a 28.8 percent decline in sales. These two dynamics seem to portray conflicting pictures. While still present, bidding wars this year haven’t been as extreme as they have over the last couple years. Luxury market activity also cooled slightly more than the rest of the market—though it’s too early to label this a trend. Townhomes tend to sell for about 25.0 percent less than single family homes and made up the largest share of overall closed sales since 2006. This is mostly due to sales in other segments cooling faster than townhomes, but still impacts overall prices.

Home prices are up 28.1 percent since March 2020 but down 0.7 percent from April 2022. “Homeowners sometimes panic when prices soften while buyers often rejoice,” said Jerry Moscowitz, President of Minneapolis Area REALTORS®. “But it’s important to remember that it simply reflects the cross section of homes selling and doesn’t necessarily affect your home’s value. That’s why home buyers should have at least a 5-7 year timeframe.” Sellers are also still getting solid offers in a reasonable timeframe. Some buyers are choosing smaller homes with fewer bedrooms to contain their monthly mortgage payments. At a median of 17 days, homes are still selling as quickly as they did in April 2020. There are just fewer of those sales. But there are also fewer listings. Both supply and demand downshifting together means the balance between buyer and seller activity remains tight as the market remains undersupplied.

Listings and Inventory

In April, sellers brought 5,170 new listings online or 27.9 percent fewer than last year. Inventory levels trickled 4.5 percent lower. Some sellers are choosing to stay put and wait instead of selling for a lower price. Most sellers are also buyers and higher mortgage rates have harmed affordability significantly. “Make no mistake: multiple offers are still happening, and some properties are selling in a few days or less for well over asking,” said Brianne Lawrence, President of the Saint Paul Area Association of REALTORS®. “But this new environment means buyers are being more selective and budget minded.”

The Twin Cities metro is still a seller’s market, just not to the same degree as last year. April’s months supply of inventory was up an even 25.0 percent. That meant we had 1.5 months’ supply of inventory at month-end. 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 rose 20.0 percent while existing home sales were down 32.9 percent. Single family sales fell 31.5 percent, condo sales declined 36.1 percent and townhome sales were down 14.4 percent. Sales in Minneapolis decreased 36.4 percent while Saint Paul sales fell 28.6 percent. Cities like North Branch, White Bear Township, Watertown and Mahtomedi saw the largest sales gains while Carver, New Brighton, North St. Paul, Hugo and Lake Elmo all had notably lower demand than last year.

April 2022 Housing Takeaways (compared to a year ago)

  • Sellers listed 5,170 properties on the market, a 27.9 percent decrease from last April
  • Buyers signed 4,029 purchase agreements, down 28.8 percent (3,263 closed sales, down 32.2 percent)
  • Inventory levels shrank 4.5 percent to 6,155 units
  • Month’s Supply of Inventory rose 25.0 percent to 1.5 months (4-6 months is balanced)
  • The Median Sales Price slipped 0.7 percent to $367,500
  • Days on Market rose 60.7 percent to 45 days, on average (median of 17 days, up 112.5 percent)
  • Changes in Sales activity varied by market segment
    • Single family sales decreased 31.5 percent; Condo sales were down 36.1 percent & townhouse sales fell 14.4 percent
    • Traditional sales declined 29.1 percent; foreclosure sales rose 5.9 percent; short sales increased 100.0 percent (3 to 6)
    • Previously owned sales decreased 32.9 percent; new construction sales rose 20.0 percent

From The Skinny Blog.

The 30-year Fixed-rate Mortgage Reverts from Last Week

May 18, 2023
The 30-year fixed-rate mortgage averaged 6.39 percent this week, as economic crosscurrents have kept rates within a ten-basis point range over the last several weeks. After the substantial slowdown in growth last fall, home prices stabilized during the winter and began to modestly rise over the last few months. This indicates that while affordability remains a hurdle, homebuyers are getting used to current rates and continue to pursue homeownership.

Information provided by Freddie Mac.

Weekly Market Report

For Week Ending May 6, 2023

Mortgage interest rates fell slightly following the Federal Reserve’s recent decision to raise its benchmark short-term interest rate by a quarter percentage point this month, its 10th interest rate hike since March 2022. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.39% the week ending 5/4/23, up from 5.27% a year ago. Many economists expect mortgage interest rates will continue to soften over the year due to cooling inflation.


  • New Listings decreased 18.2% to 1,533
  • Pending Sales decreased 23.4% to 1,096
  • Inventory increased at 6,325


  • Median Sales Price remained flat at $355,000
  • Days on Market increased 65.7% to 58
  • Percent of Original List Price Received decreased 4.0% to 98.6%
  • Months Supply of Homes For Sale increased 36.4% to 1.5

All comparisons are to 2022

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

Mortgage Rates Inch Down

May 11, 2023
This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last year. While inflation remains elevated, its rate of growth has moderated and is expected to decelerate over the remainder of 2023. This should bode well for the trajectory of mortgage rates over the long-term.

Information provided by Freddie Mac.