These new market statistics were just released from the Minneapolis Association of Realtors.
In the Twin Cities region, for the week ending February 25:
• New Listings increased 1.2% to 1,250
• Pending Sales increased 49.5% to 957
• Inventory decreased 23.5% to 17,755
For the month of January:
• Median Sales Price decreased 3.4% to $140,000
• Days on Market decreased 8.6% to 142
• Percent of Original List Price Received increased 3.3% to 91.2%
• Months Supply of Inventory decreased 33.7% to 4.8
Things are looking better and better for the housing market. Inventory is down, buyers are up! There are still too many distressed properties on the market which drive prices down but prices are not expected to decrease too much this year compared to the last few years. A market with more buyers than sellers will eventually get the prices to start increasing, especially with traditional sales!