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 May 2021 were 7,982, up 14.5% from 6,971 in May 2020.
Active Residential Listings in May 2021 were 8,953, down 50.5% from 18,074 in May 2020.
Months of Supply was 1.1 Months in May 2021, compared to 2.6 Months in May 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.