Housing continues to be a bright spot in the national economy. Locally, we enjoyed more sales and additional seller activity. As prices firm up, some sellers will be lifted out of unenviable positions while others will receive a confidence booster. That’s a good thing, since buyers at some price points are struggling to find inventory.
Additional evidence of turnaround will come by way of days on market, the average ratio of sold to list price and absorption rates generally under five months.
In the Twin Cities region, for the week ending November 10:
• New Listings decreased 9.0% to 1,015
• Pending Sales increased 11.3% to 883
• Inventory decreased 29.1% to 15,007
For the month of October:
• Median Sales Price increased 14.8% to $175,000
• Days on Market decreased 25.3% to 103
• Percent of Original List Price Received increased 3.5% to 94.5%
• Months Supply of Inventory decreased 40.5% to 3.7