We are converging upon an interesting wait-and-see season in residential real estate. All year long, we have witnessed some rather positive year-over-year decreases in inventory numbers and increases in sales, percent of original list price received at sale and median sales price. After many years of struggling to tread water – and, indeed, often failing to do so – there is hope. With quieter autumnal and winter months looming, we will be giving extra scrutiny to the trend lines in the weeks to come.
In the Twin Cities region, for the week ending August 25:
• New Listings increased 1.3% to 1,282 • Pending Sales increased 19.4% to 1,027 • Inventory decreased 29.9% to 16,785
For the month of July:
• Median Sales Price increased 13.3% to $178,500 • Days on Market decreased 27.8% to 105 • Percent of Original List Price Received increased 3.6% to 95.0% • Months Supply of Inventory decreased 42.1% to 4.4