For Week Ending May 20, 2017

Mortgage rates have fallen to their lowest levels so far this year but remain above where they were last year at this time. The market has proven to be ready for higher rates, as many homes continue to sell rapidly, often above the asking price. As long as there is ample supply, which is not a given in every market, 2017 should continue to be a great year for residential real estate.

In the Twin Cities region, for the week ending May 20:

• New Listings decreased 6.5% to 2,059
• Pending Sales decreased 10.1% to 1,498
• Inventory decreased 17.0% to 11,671

For the month of April:

• Median Sales Price increased 6.4% to $245,750
• Days on Market decreased 20.5% to 58
• Percent of Original List Price Received increased 1.2% to 99.2%
• Months Supply of Inventory decreased 17.9% to 2.3

All comparisons are to 2016

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending May 13, 2017

The residential real estate story continues to revolve around the low supply of homes for sale, thus a surge in new homes being built would be a great thing to see. Existing home sale are at all-time highs in some areas; however, home builders have not been able to keep up with demand for new inventory replenishment. It will be interesting to see if this will improve after national manufacturing production had a large increase last month.

In the Twin Cities region, for the week ending May 13:

• New Listings decreased 4.1% to 2,034
• Pending Sales decreased 9.8% to 1,465
• Inventory decreased 17.8% to 11,464

For the month of April:

• Median Sales Price increased 6.5% to $246,000
• Days on Market decreased 20.5% to 58
• Percent of Original List Price Received increased 1.2% to 99.2%
• Months Supply of Inventory decreased 21.4% to 2.2

All comparisons are to 2016

Click here for the full Weekly Market Activity Report. From The Skinny Blog.