The report card for this week showed higher grades than last year at this time for both buyers and sellers. Activity levels are higher on both sides, which is indicative of recovering confidence in the local market. Prices in certain areas have already turned a corner, and it is not unreasonable to expect a continuation of this trend. As summer begins to swelter, also keep a watchful eye on active listings, absorption rates, days on market and percent of list price received. Being schooled in these metrics is like having an open book during the final exam.
In the Twin Cities region, for the week ending June 9:
• New Listings increased 0.4% to 1,582 • Pending Sales increased 29.4% to 1,231 • Inventory decreased 31.0% to 17,540
For the month of May:
• Median Sales Price increased 10.5% to $169,000 • Days on Market decreased 19.6% to 125 • Percent of Original List Price Received increased 3.8% to 94.6% • Months Supply of Inventory decreased 44.7% to 4.6