Note: I’m tracking data for many local markets around the U.S. I think it is especially important to watch inventory this year.
From the Minnesota Realtors®:
Total Residential Units Sold in July 2021 were 9,615, down 8.7% from 10,530 in July 2020.
Active Residential Listings in July 2021 were 11,854, down 29.7% from 16,861 in July 2020.
Months of Supply was 1.5 Months in July 2021, compared to 2.3 Months in July 2020.
This graph from the Minnesota Realtors® shows inventory in Minnesota since 2012. Inventory had been trending down, and then was somewhat flat for a few years, and then declined significantly during the pandemic.
Active inventory was up 8.6% from the previous month, and up 43.3% seasonally from the all time low in February 2021. Usually, at this time of the year, we’d expect active inventory of around 23,000 in Minnesota, so current inventory is still extremely low.