Summer heat waves roll across the northland as election season also heats up. Meanwhile, as the mercury and partisan rhetoric both escalate, residential real estate continues to show signs consistent with market recovery. For the current round of numbers, both buyer and seller activity levels were higher than last year at this time. Buyers have been taking advantage of historic affordability levels for some time, but renewed seller confidence is a more recent development and some would even call it an encouraging omen, as long as supply levels don’t exceed a prior apex.
In the Twin Cities region, for the week ending June 30:
• New Listings increased 0.1% to 1,414 • Pending Sales increased 20.4% to 1,194 • Inventory decreased 31.0% to 17,417
For the month of June:
• Median Sales Price increased 10.4% to $179,000 • Days on Market decreased 22.0% to 113 • Percent of Original List Price Received increased 4.0% to 95.0% • Months Supply of Inventory decreased 44.7% to 4.4