Minnesota Real Estate in March: Sales Up 3% YoY, Inventory Down 55% YoY

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 March 2021 were 5,917, up 3.1% from 5,741 in March 2020.

Active Residential Listings in March 2021 were 7,738, down 54.8% from 17,124 in March 2020.

Months of Supply was 1.0 Months in March 2021, compared to 2.4 Months in March 2020.

Minnesota InventoryClick on graph for larger image.

This graph from the Minnesota Realtors® shows inventory in Minnesota since 2012. Inventory had been trending down, and then was flat over the last couple of years, and then declined significantly during the pandemic.