With 2012 in the books, we’re starting to see some 2013 activity trickle in. Watch for continuations of last year’s trends: less inventory, strong buyer activity and firmer prices. It’s hard to believe spring is just around the corner, but would-be spring sellers are noticing the changes that have taken place. It’s a much less scary time to sell a home. Foreclosure activity will also be a key metric to watch. For the current cycle, here’s what the data shows.
In the Twin Cities region, for the week ending January 5:
• New Listings decreased 34.6% to 832 • Pending Sales increased 12.7% to 594 • Inventory decreased 31.1% to 12,000
For the month of December:
• Median Sales Price increased 16.2% to $168,452 • Days on Market decreased 23.4% to 108 • Percent of Original List Price Received increased 3.5% to 93.8% • Months Supply of Inventory decreased 42.0% to 2.9