Weekly Market Update

Here's the latest in good news for the Twin Cities Real Estate Market. The Minneapolis Area Association of Realtors compiled this info for the entire metro area. Inventory levels are Down, Down, Down, which is Great News for Sellers.

You can have data without information,  but you cannot have information without data.  In real estate, numbers aren't just numbers.  Numbers tell consumers how much house they can afford.  Numbers tell agents whether their customers are buying in appreciating or depreciating communities.  Numbers forewarn against bubble inflation.  They also offer insight into which way the pendulum is swinging:  toward buyers or sellers.  Numbers have a calming way of removing uncertainty from decisions.  Let's examine our most recent set of numbers.

In the Twin Cities region, for the week ending January 26:

• New Listings decreased 4.9% to 1,038
• Pending Sales increased 3.1% to 800
• Inventory decreased 31.4% to 12,245

For the month of December:

• Median Sales Price increased 15.9% to $168,000
• Days on Market decreased 23.4% to 108
• Percent of Original List Price Received increased 3.5% to 93.8%
• Months Supply of Inventory decreased 40.0% to 3.0