The first full week of 2012 shows that buyers were off to a busy start while seller activity cooled down. Sales volumes easily beat the same week in 2011. The inventory drops that many communities saw during the second half of last year should translate into further positive news for sellers. Interest rates are expected to hold the low ground, enriching the buying environment for consumers. It’s early now. The spring market will ultimately be the major tell as to the rate of recovery throughout the year.
Today’s Lesson: Maintain a long-term perspective and watch trends develop beyond one week of data.
In the Twin Cities region, for the week ending January 7:
- New listings decreased 14.6% to 1,266
- Pending Sales increased 13.8% to 561
- Inventory decreased 24.5% to 17,302
For the month of December:
- Median Sales Price decreased 6.5% to $145,000
- Days on Market decreased 2.5% to 140
- Percent of Original List Price Received increased 1.7% to 90.6%
- Months Supply of Inventory decreased 35.6% to 4.6