Twin Cities Market Update – August 11, 2017

A favorable economy has kept buyers active amidst a summer of stiff competition that has led prices upward and often over the asking price. The latest recorded national unemployment rate of 4.3 is historically low and has served as a general indicator of a strong economy. If wage growth shifts into overdrive from its current state of patient increases, we may see even higher prices or, conversely, more willingness by sellers to increase the inventory pool.

In the Twin Cities region, for the week ending July 29:
• New Listings decreased 2.3% to 1,686
• Pending Sales decreased 4.7% to 1,300
• Inventory decreased 16.9% to 12,645

For the month of June:
• Median Sales Price increased 7.0% to $259,000
• Days on Market decreased 16.1% to 47
• Percent of Original List Price Received increased 0.8% to 99.5%
• Months Supply of Homes For Sale decreased 13.3% to 2.6

Leave a Reply