April showers bring… a 24.9 percent increase in Minneapolis housing stock

Got nine months to spare? That’s how long on average it takes to sell a previously owned home in Minneapolis, according to the latest Housing Supply Outlook from the Minneapolis Area Association of Realtors. The supply of overall housing inventory increased to 9.6 months for April, up 24.9 percent from the previous year.

Condo owners looking to sell have the longest wait to bear: Minneapolis currently has a 11-month supply of those once-hot condos. And condo owners with shiny digs worth more than a million bucks are a dime a dozen. There’s a two-year supply of million-dollar-plus pads in Minneapolis.

The good news for home buyers that’s really bad news for home sellers? Thanks to the declining market, in April there were 1,640 homes for sale under $120,000. That’s a 219 percent increase over this time last year. And the number of homes for sale between $120,00 and $150,000 increased from 714 to 1,316, or 84.3 percent. This means that the number of homes in Minneapolis for sale under $150,000 has finally caught up to the number of homes for sale above $500,000. And it also means that the great drop is far from over.