Twin Cities Market Update – November 24, 2017

During the final two months of the year, residential real estate traditionally slows down to make way for more holiday, travel and retail spending. Assessing the dominant trend of 2017, most housing markets have seen the number of homes for sale decrease in year-over-year comparisons. So much so, that further decreases in 2018 will be newsworthy, as prices would likely keep rising in a seller’s market. Presently, in a thriving economy with low unemployment, agents and consumers alike still have reason for optimism.

In the Twin Cities region, for the week ending November 11:
• New Listings decreased 7.6% to 924
• Pending Sales increased 7.1% to 976
• Inventory decreased 18.5% to 10,871

For the month of October:
• Median Sales Price increased 6.1% to $244,000
• Days on Market decreased 14.8% to 52
• Percent of Original List Price Received increased 0.8% to 97.7%
• Months Supply of Homes For Sale decreased 18.5% to 2.2

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