Minnesota Real Estate in May: Sales Up 15% YoY, Inventory Down 51% 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 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.

Click 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 somewhat flat for a few years, and then declined significantly during the pandemic.