For Week Ending January 28, 2017

While the winter months that lead us through the holiday season and to the end of December are typically a slower time for the housing market, the beginning of each new year tends to bring a renewed interest in moving or buying. The annual January resolution effect is in full swing so far in 2017. Prices are increasing, purchase agreements are being signed, and despite record inventory lows, demand remains strong.

In the Twin Cities region, for the week ending January 28:

• New Listings decreased 3.0% to 994
• Pending Sales decreased 9.5% to 777
• Inventory decreased 24.2% to 8,427

For the month of December:

• Median Sales Price increased 3.9% to $228,000
• Days on Market decreased 10.1% to 71
• Percent of Original List Price Received increased 0.6% to 96.0%
• Months Supply of Inventory decreased 26.1% to 1.7

All comparisons are to 2016

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

For Week Ending January 21, 2017

The number of existing homes sold in 2016 was 5.4 million, which exceeded the 5.25 million sold in the previous year and is now the highest in a decade. Declining inventory and affordability are both going to be closely surveyed this year, as a continuation of those trends could negatively impact sales. For now, prices are still running higher and days on market are still lower, both indicative of healthy demand.

In the Twin Cities region, for the week ending January 21:

• New Listings increased 12.8% to 1,025
• Pending Sales increased 4.0% to 730
• Inventory decreased 25.3% to 8,379

For the month of December:

• Median Sales Price increased 3.9% to $228,000
• Days on Market decreased 10.1% to 71
• Percent of Original List Price Received increased 0.6% to 96.0%
• Months Supply of Inventory decreased 26.1% to 1.7

All comparisons are to 2016

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