This has proven to be a steady year for buying and selling activity in the residential real estate market. Although inventory declined and prices increased throughout the year, it has been a rather strong year, and many are predicting that 2017 will remain about the same as long as inventory remains somewhat steady, unemployment rates continue to fall and mortgage rates remain low.
In the Twin Cities region, for the week ending December 3:
• New Listings decreased 14.7% to 747
• Pending Sales increased 1.7% to 900
• Inventory decreased 19.9% to 11,099
For the month of November:
• Median Sales Price increased 5.7% to $231,750
• Days on Market decreased 16.4% to 61
• Percent of Original List Price Received increased 0.8% to 96.7%
• Months Supply of Homes For Sale decreased 27.6% to 2.1
