Twin Cities Market Update – April 28, 2017

In light of the low inventory and affordability situation this year, it was a good surprise to see existing home sales hit a national 10-year high. It isn’t a surprise, however, to see multiple offers on a home within a few days of being on the market. Buyer demand is high and will continue to be for the foreseeable future, so it was also welcome news that builder confidence and housing starts were up as well.

In the Twin Cities region, for the week ending April 15:
• New Listings decreased 17.8% to 1,612
• Pending Sales decreased 6.7% to 1,374
• Inventory decreased 20.1% to 10,574

For the month of March:
• Median Sales Price increased 7.0% to $237,500
• Days on Market decreased 14.1% to 73
• Percent of Original List Price Received increased 1.3% to 98.1%
• Months Supply of Homes For Sale decreased 19.2% to 2.1

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