With developable lots in short supply across the country, home builders are finding other ways to meet booming buyer demand. According to the most recent Annual Builder Practices Survey, one in four new single-family detached homes built in 2020 were located in established neighborhoods, with 19% of those homes built on infill lots, while 6% were teardowns. Demand for single-family homes continues to outpace supply, and infill development is expected to increase in market share in 2022 as builders ramp up production.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING DECEMBER 11:
- New Listings decreased 21.4% to 701
- Pending Sales decreased 4.5% to 820
- Inventory decreased 17.3% to 5,965
FOR THE MONTH OF NOVEMBER:
- Median Sales Price increased 9.5% to $339,300
- Days on Market decreased 11.8% to 30
- Percent of Original List Price Received decreased 0.4% to 99.8%
- Months Supply of Homes For Sale decreased 21.4% to 1.1
All comparisons are to 2020
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.