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Monday Market Report for March 28th

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 Publish Date: April 6, 2020 • All comparisons are to 2019

Ending the week of March 28th – here is what we saw in the real estate market for the Twin Cities region.

This week was heavily influenced by the ongoing impacts from the spread of COVID-19. Washington passed a $2.2 trillion stimulus package and news broke that 3.28 million people filed for unemployment benefits last week – nearly five times the previous weekly record. As more businesses temporarily close due to the growing outbreak, even higher unemployment filings are expected in coming weeks. As many begin or continue to shelter at home, real estate activity is slowing down right along with the rest of the economy.

In the Twin Cities region, for the week ending MARCH 28:

New Listings decreased 5.8% to 1,422
Pending Sales decreased 5.4% to 1,131
Inventory decreased 7.0% to 8,843

For the month of FEBRUARY:

Median Sales Price increased 6.2% to $281,570
Days on Market decreased 2.9% to 67
Percent of Original List Price Received increased 0.3% to 98.0%
Months Supply of Homes For Sale decreased 11.1% to 1.6

All data from NorthstarMLS. Provided by the Saint Paul Area Association of REALTORS®. Report © 2020 ShowingTime.

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