For Week Ending May 16, 2015
The song remains the same. While new listings and sales increase, inventory is not always able to keep pace. Demand is high as mortgage rates remain low. There are homes to choose from, for sure, but there should be more if balance is expected to be more than novelty. New construction is occurring, but the notable projects are just as liable to be rental as for sale. The dynamics of residential real estate are ever shifting, churning.
In the Twin Cities region, for the week ending May 16:
- New Listings increased 7.4% to 2,187
- Pending Sales increased 29.4% to 1,488
- Inventory decreased 2.9% to 15,748
For the month of April:
- Median Sales Price increased 9.7% to $215,000
- Days on Market decreased 4.5% to 85
- Percent of Original List Price Received increased 1.1% to 97.0%
- Months Supply of Inventory decreased 2.8% to 3.5
All comparisons are to 2014
Click here for the full Weekly Market Activity Report. From The Skinny Blog.