Where has the Twin Cities real estate market been and where is it heading? This September Monthly Skinny provides an overview of current trends and projections for future activity. Narrated by Emily Green (2012 Secretary, Minneapolis Area Association of REALTORS®), video produced by Chelsie Lopez.
We are converging upon an interesting wait-and-see season in residential real estate in th Twin Cities Market. All year long, we have witnessed some rather positive year-over-year decreases in inventory numbers and increases in sales, percent of original list price received at sale and median sales price. After many years of struggling to tread water – and, indeed, often failing to do so – there is hope. With quieter autumnal and winter months looming, we will be giving extra scrutiny to the trend lines in the weeks to come.
In the Twin Cities Market, for the week ending August 25:
• New Listings increased 1.3% to 1,282
• Pending Sales increased 19.4% to 1,027
• Inventory decreased 29.9% to 16,785
Information from the Minneapolis Area Association of Realtors
The Twin Cities market for real estate continues its upward swing. We are coming to the end of the real selling season so the real test will be what happens in the upcoming fall and winter. The latest numbers from the Twin Cities Area Association of Realtors:
In the Twin Cities region, for the week ending August 4:
• New Listings decreased 0.1% to 1,433
• Pending Sales increased 20.4% to 1,129
• Inventory decreased 29.6% to 17,085
For the month of July:
• Median Sales Price increased 14.2% to $179,900
• Days on Market decreased 27.8% to 105
• Percent of Original List Price Received increased 3.6% to 95.0%
• Months Supply of Inventory decreased 43.4% to 4.3
According to most realtors, home prices will start to rebound in 2012 but there are still great deals to be had. Click here for some market insights.
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