Twin Cities Market Update – February 2, 2018

Existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, were up 1.1 percent in 2017 compared to 2016 to 5.5 million sales, becoming the best year for sales in 11 years. Overall, the housing market performed well in 2017 within a strong economy. Homeowners made healthy price gains at sale, and distressed property sales have returned to historically low marks.

In the Twin Cities region, for the week ending January 20:
• New Listings decreased 9.8% to 943
• Pending Sales decreased 5.7% to 726
• Inventory decreased 25.4% to 7,062

For the month of December:
• Median Sales Price increased 9.7% to $248,000
• Days on Market decreased 15.3% to 61
• Percent of Original List Price Received increased 1.3% to 97.1%
• Months Supply of Homes For Sale decreased 26.3% to 1.4

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