Twin Cities Market Update – September 8, 2017

Conversationally speaking, it has been a busy and exciting summer for residential real estate. Much has been said about low supply, higher prices and speedy sales, but the truth of the matter is that buyers are snatching up desirable homes no matter the trends. Good transactions are occurring with smart lending practices. Although more inventory would be useful, the market is finding a way to succeed.

In the Twin Cities region, for the week ending August 26:
• New Listings increased 3.7% to 1,499
• Pending Sales decreased 1.3% to 1,227
• Inventory decreased 16.4% to 13,010

For the month of July:
• Median Sales Price increased 5.6% to $251,650
• Days on Market decreased 16.4% to 46
• Percent of Original List Price Received increased 0.8% to 99.1%
• Months Supply of Homes For Sale decreased 16.1% to 2.6

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