Pending home sales were off to the races as buyers eagerly entered more contracts than during the same week in 2010. Sellers pulled back a bit as they listed fewer new properties than last year at this time. By and large, inventory declines have been the 2011 tale to tell, but a handful of alternative leading indicators suggest that the Spring 2012 market could present a changing landscape.
In the Twin Cities region, for the week ending November 5:
• New Listings decreased 18.7% to 1,134
• Pending Sales increased 20.5% to 794
• Inventory decreased 22.1% to 21,214
For the month of October:
• Median Sales Price decreased 9.6% to $154,500
• Days on Market decreased 0.6% to 134
• Percent of Original List Price Received increased 1.0% to 91.2%
• Months Supply of Inventory decreased 28.3% to 6.3
Local Market Updates:
For a complete Market Update, visit The Skinny.