The market report from the Minneapolis Association of Realtors shows that for the week ending March 24,
• New Listings increased 2.2% to 1,414
• Pending Sales increased 30.2% to 1,052
• Inventory decreased 27.3% to 17,193
This shows what I have been writing about the past weeks, sales are up, inventory is decreasing. It is still a buyers market but not as much as in previous years. For an overview of all the stats, click here.
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!
Twin Cities home sales were up 12% in January, a 25% increase over January 2011, making it the best January since 2005! The number of new listings was also down reducing housing inventory even further causing many to think that it won’t be long until prices will have to start rising. On the downside, prices were also down. For more on the numbers breakdown, click here.