This week’s market scorecard shows increased activity levels for buyers and a modest decline in seller activity. Consumer purchase demand posted a welcomed increase over the same week in 2010. Sellers brought fewer new listings onto the market than last year. Home purchase activity is still one of the most paramount drivers of sustained recovery. The key then becomes determining the overall market momentum.
In the Twin Cities region, for the week ending October 22:
• New Listings decreased 15.8% to 1,100
• Pending Sales increased 28.8% to 822
• Inventory decreased 21.5% to 22,132
For the month of September:
• Median Sales Price decreased 7.2% to $155,000
• Days on Market increased 5.5% to 137
• Percent of Original List Price Received increased 0.3% to 91.1%
• Months Supply of Inventory decreased 21.9% to 6.8
For more information on the market, visit The Skinny.
Local Market Updates: