MarketWatch offers up an assessment of the Minneapolis housing market--which like many major markets is seeing limited supply--via local realtor Andy Asbury.
The market ended September with 3.4 months' of inventory which has put sellers in the driver's seat. Pending sales are up 17.3% year-to-date, while September's median sales price of $220,000 was an 8% year-over-year jump.
The average cost per square foot climbed 6.3%, while average market times fell by that same percentage, meaning that properties sold faster even as prices increased.
Despite all that good news, there's still one statistic that continues to challenge buyers: the amount of new listings on the market, compared to the number of folks who want to buy homes. Listing inventory is actually up 5.6% from this time last year, but it's being handily outmatched by the pending sales activity, which increased by 17.3% over the past 12 months.