Market sentiment can become a self-fulfilling prophecy. Just as negative economic news sent a chill through the housing industry over the last several years, a newly confident consumer buying up excess inventory and further housing-related sundries helps stabilize and support home values. Some sellers are even starting to see rising prices. The numbers are beginning to reflect the fact that multiple offers on homes for sale are now more than anecdotal conversation between real estate professionals. For this week, new listings were down while purchase contracts were up compared to the same week in April 2011.
In the Twin Cities region, for the week ending April 7:
• New Listings decreased 19.0% to 1,411 • Pending Sales increased 15.5% to 1,036 • Inventory decreased 27.3% to 17,289
For the month of March:
• Median Sales Price increased 7.1% to $149,900 • Days on Market decreased 9.4% to 145 • Percent of Original List Price Received increased 3.8% to 92.1% • Months Supply of Inventory decreased 38.5% to 4.7
Local Market Updates:
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