It has been another steady year for buying and selling residential real estate. The primary trends of inventory decline and price increase continued, and more of the same is anticipated in 2018 if consumer, employer and builder confidence remain high. Tweaks in tax law and mortgage rates could create either unwanted or desirable effects, depending on the market. Trend lines may flatten or turn, but it’s too soon to say exactly what will happen.
In the Twin Cities region, for the week ending December 16:
• New Listings increased 9.0% to 641
• Pending Sales decreased 1.3% to 752
• Inventory decreased 23.9% to 8,499
For the month of November:
• Median Sales Price increased 6.5% to $245,000
• Days on Market decreased 11.1% to 56
• Percent of Original List Price Received increased 0.8% to 97.4
