While the winter months that lead us through the holiday season and to the end of December are typically a slower time for the housing market, the beginning of each new year tends to bring a renewed interest in moving or buying. The annual January resolution effect is in full swing so far in 2017. Prices are increasing, purchase agreements are being signed, and despite record inventory lows, demand remains strong.
In the Twin Cities region, for the week ending January 28:
• New Listings decreased 3.0% to 994
• Pending Sales decreased 9.5% to 777
• Inventory decreased 24.2% to 8,427
For the month of December:
• Median Sales Price increased 3.9% to $228,000
• Days on Market decreased 10.1% to 71
• Percent of Original List Price Received increased 0.6% to 96.0%
• Months Supply of Homes For Sale decreased 26.1% to 1.7
