The most recent weekly report card shows buyer activity is still registering higher than the same week in 2010. Sellers, on the other hand, introduced fewer new homes to the market than last year at this time. A few shakeups in the housing policy world are worth mentioning: keep an eye on HARP 2.0, new FHA conforming loan limits, and changes to the short sale process on GSE-backed loans. As always, there are prices and then there are the driving forces behind them. It’s important to understand both.
In the Twin Cities region, for the week ending November 12:
• New Listings decreased 2.5% to 1,112
• Pending Sales increased 37.1% to 853
• Inventory decreased 22.2% to 21,068
For the month of October:
• Median Sales Price decreased 9.6% to $154,500
• Days on Market decreased 0.7% to 134
• Percent of Original List Price Received increased 1.0% to 91.2%
• Months Supply of Inventory decreased 28.0% to 6.3
Local Housing Market Updates
The Crystal Area:
There are 65 ACTIVE LISTINGS. There were 4 NEW LISTINGS last week. There was 1 PENDING LISTING. There were 2 SOLD LISTINGS.
The Cottage Grove Area:
There are 11 ACTIVE LISTINGS. There was 1 NEW LISTING last week. There were NO PENDING LISTINGS. There was 1 SOLD LISTING.
The Albertville Area:
There are 17 ACTIVE LISTINGS. There was 1 NEW LISTING last week. There was 1 PENDING LISTING. There were NO SOLD LISTINGS.