Buyer activity: up. Seller activity: down. That could soon change if sellers begin to increase their activity levels entering the spring market. They’ve understandably been a tad shy lately, but the changing landscape is starting to register with well-informed homeowners looking to move. Buyers have shown that they refuse to let one of the most attractive purchase environments pass them by. As activity revs up this spring, not all segments will benefit equally. Which is exactly why the numbers are so central to assessing both the breadth and depth of market recovery.
In the Twin Cities region, for the week ending March 10:
- New Listings decreased 0.3% to 1,450
- Pending Sales increased 20.9% to 995
- Inventory decreased 24.3% to 17,899
For the month of February:
- Median Sales Price decreased 1.4% to $138,500
- Days on Market decreased 9.1% to 145
- Percent of Original List Price Received increased 2.6% to 90.6%
- Months Supply of Inventory decreased 35.8% to 4.7
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Weekly Market Report
Weekly Market Report
The last six years or so have been tough on home prices, and even the most optimistic prognosticators say it will take another six years for median sales prices to approach the halcyon days of assured annual value increases for home sellers. Generations of stable home price increases gave way to a boom-and-bust cycle that would have made the Pets.com sock puppet blush. As we enter what should be an active spring market, our communities would do well to focus effort toward creating healthy, happy homes. With those in place, prices will rise again.
In the Twin Cities region, for the week ending March 3:
- New Listings decreased 23.2% to 1,402
- Pending Sales increased 29.7% to 940
- Inventory decreased 22.9% to 17,818
For the month of February:
- Median Sales Price decreased 1.1% to $138,500
- Days on Market decreased 9.0% to 145
- Percent of Original List Price Received increased 2.6% to 90.6%
- Months Supply of Inventory decreased 36.5% to 4.6
