The home-purchasing season may get a bit competitive this year thanks to low mortgage rates and pent up demand. With pending sales on the rise in many markets combined with a relatively low number of homes for sale, buyers need to act quickly once they find their ideal home.
In the Twin Cities region, for the week ending April 30:
• New Listings decreased 8.8% to 1,869
• Pending Sales increased 5.2% to 1,584
• Inventory decreased 18.7% to 12,966
For the month of April:
• Median Sales Price increased 7.7% to $231,500
• Days on Market decreased 14.1% to 73
• Percent of Original List Price Received increased 1.0% to 98.0%
• Months Supply of Homes For Sale decreased 27.8% to 2.6
