The tempo in residential housing has remained upbeat through the first five months of 2012. Year-to-date figures begin to sing a compelling tune at this time of year, and the song thus far is that markets are moving back toward balance and home prices are beginning to reflect that stabilization. For the most recent week, buyer activity was higher than year-ago levels while listing activity registered lower. Keep an eye on months supply, seller concessions, market times and foreclosure rates. Multiple offers are back and tentative owners looking to move should take note. It’s okay to sing in public again.
In the Twin Cities region, for the week ending May 19:
• New Listings decreased 9.6% to 1,533 • Pending Sales increased 18.6% to 1,116 • Inventory decreased 29.4% to 17,648
For the month of April:
• Median Sales Price increased 12.1% to $162,500 • Days on Market decreased 15.2% to 135 • Percent of Original List Price Received increased 3.6% to 93.4% • Months Supply of Inventory decreased 42.0% to 4.8
Local Market Updates:
For more local market updates, visit The Skinny each week.