With the second quarter now in the books, seasonal peaks and valleys should start to become apparent. Even if activity begins to slow for the remainder of 2012, gains are still likely when compared to the same time last year. Housing demand has been strong, supply levels have been falling and prices are turning a corner in many local markets. Keep a watchful eye toward market times, percent of list price received at sale and months of supply. Percent of new listings and closed sales that are in foreclosure or short sale status also serve as market indicators.
In the Twin Cities region, for the week ending July 7:
• New Listings decreased 21.9% to 970 • Pending Sales increased 24.6% to 892 • Inventory decreased 30.8% to 17,134
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 95.1% • Months Supply of Inventory decreased 44.0% to 4.5
For more market updates, visit The Skinny.