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Market Update/ AUGUST 2022 / KELLY BROWN, Minnesota Realtor

MINNESOTA MARKET: We're feeling a MARKET SHIFT...what does that mean?? Here's my 2 cents... June 2022 Housing Takeaways// Compared to a year ago (Source: MAAR/ Minneapolis Area Association of Realtors) ✴️ Buyers signed LESS purchase agreements, down 18.4% ✴️ Inventory levels are UP, almost 10% ✴️ Month’s supply of inventory: was 1.6 months, now 4-6 months (considerably more options for buyers) ✴️ Days on the market: Rose 5%. Was 8 days, now 21 days (homes taking longer to sell, the market is normalizing/balancing) ✴️ Existing home sales down 15%, new construction sales down 12% What we are hearing/seeing: ✴️ SLOWER: It is absolutely slower across-the-board, in all price points and cities. Under $500,000 is at times still going into multiple offers. At times, we are still seeing multiple offers, but it is not the norm we were seeing prior. ✴️ Less showings, less offers pretty much across-the-board. ✴️ DEMAND HAD DECREASED: The market does not have the demand it did 3-6 months ago. Even 2 months ago. Rates went up, there are less buyers. ✴️ BUYERS HAVE MORE OPTIONS: Inventory has increased. There is more inventory from both existing homes & new construction. ✴️ NEW CONSTRUCTION COMPETITION: New construction offering incentives/discounts that we have not seen for 2+ years. Free finished lower levels, window treatments/etc included, paying Buyers closing costs, buying down the rate (so a buyer can pay 4% the first year). We have not seen these incentives for years! #RealEstate #Realtor #MN #Minnesota #Plymouth #Wayzata #MapleGrove #Orono #Dayton #EXP #KellyBrownHomes