Tryptophan and chatty in-laws were not able to curb the appetite of local home buyers, as purchase activity easily gobbled up last year’s levels. Sellers were apparently stuffed and lethargic, as they brought fewer new properties onto the market than during the same holiday week last year. As we approach the slowest time of year for residential activity, expect transacted dollar volumes and sales counts to weaken from the spring and summer of this year. Keep watching inventory declines; they could have a measurable impact on the Spring 2012 market.
In the Twin Cities region, for the week ending November 26:
• New Listings decreased 9.1% to 601
• Pending Sales increased 46.8% to 574
• Inventory decreased 22.8% to 20,318
For the month of October:
• Median Sales Price decreased 9.6% to $154,500
• Days on Market decreased 0.5% to 134
• Percent of Original List Price Received increased 0.9% to 91.2%
• Months Supply of Inventory decreased 27.6% to 6.3
Local Housing Market Update:
There are 12 ACTIVE LISTINGS. There NO NEW LISTINGS last week. There was 1 PENDING LISTING. There were 2 SOLD LISTINGS.