More new home listings in May; sales fall statewide but up locally

·2 min read

Jun. 10—MANKATO — The supply of homes coming on the market rose in May, with new listings up 3.6% compared to a year ago.

Across the state, 10,408 homes were for sale, a 4.8% rise over May 2021.

Even so, closed sales were down 6.5% statewide compared to a year earlier as the median sales price increased 10.2% to $341,500, according to Minnesota Realtors.

In Blue Earth County, there were 104 new listings in May, up 5% from a year earlier. But in Nicollet County there were just 48 new listings compared to 58 a year earlier — down 17%.

There were 84 closed sales in Blue Earth County in May, up 13.5% from a year earlier. Nicollet County has 50 closed sales for the month, up 22%.

The median price of homes sold in Blue Earth County rose nearly 14% year over year to $257,000. In Nicollet County the median sales price was $273,000, up 3% from the previous May.

Closed sales in south-central Minnesota were down 5.5% in May year over year.

In 11 of the 13 regions in the state, sales were down year over year anywhere from 2.4% to 25.7%. The east-central region saw sales rise by 3.5% and the northwest region saw sales climb 19% year over year.

Overall, a 1.4-month supply of homes was on the market, up almost 17% from the year before.

Even though sales were down, competition for properties was heated. Sellers received an average 103.2% of the asking price, a 0.3% increase over last year.

"The increase in new listings and higher levels of inventory is encouraging for buyers coming into the market," Chris Galler, CEO of Minnesota Realtors, said in a statement.

"We should remember that the decline in closed sales compares to the unusually heated environment of 2021. What we're seeing is aligned with historical norms for this time of year.

"However, it is still difficult for first-time homebuyers to break in. Higher interest rates, and inflationary pressures in the wider economy are taking a toll on this group."