Housing pessimism is as out of fashion nowadays as bell bottoms and shoulder pads. Those who are still fishing for that elusive “market bottom” have likely missed it in most areas. The major story continues to be tightened inventory and high buyer turnout. Homes should be selling faster and for closer to list price – or even above in the hottest neighborhoods. Continue to monitor key differences between the foreclosure and traditional segments as well as variability between the single-family and condo markets.
In the Twin Cities region, for the week ending October 13:
• New Listings increased 7.3% to 1,252 • Pending Sales increased 26.7% to 954 • Inventory decreased 28.8% to 16,017
For the month of September:
• Median Sales Price increased 12.6% to $174,500 • Days on Market decreased 28.4% to 101 • Percent of Original List Price Received increased 4.0% to 94.8% • Months Supply of Inventory decreased 39.6% to 4.1