For Week Ending June 4, 2016

Summer is heating up, as are home sales and prices. Millennials are hitting home- buying age with force and are showing interest in entering the real estate market. As inventory continues to struggle to keep up with demand, options are fewer than desired, and price wars are proving to be a challenge for many buyers in a seller’s market.

In the Twin Cities region, for the week ending June 4:

• New Listings decreased 7.9% to 2,011
• Pending Sales decreased 15.3% to 1,203
• Inventory decreased 19.5% to 13,571

For the month of May:

• Median Sales Price increased 5.7% to $236,826
• Days on Market decreased 21.1% to 60
• Percent of Original List Price Received increased 1.1% to 98.6%
• Months Supply of Inventory decreased 28.9% to 2.7

All comparisons are to 2015

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

For Week Ending May 28, 2016

The trends of higher sales and fewer homes for sale that prevailed through the first quarter of 2016 have only gotten stronger through the second quarter. Although more sellers are listing than at this time last year, it’s still not quite enough to keep up with the heat of today’s sales environment. Buyers appear to be making great offers ahead of any hint of higher mortgage rates.

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

• New Listings increased 2.5% to 1,734
• Pending Sales increased 18.6% to 1,597
• Inventory decreased 18.8% to 13,669

For the month of April:

• Median Sales Price increased 7.6% to $231,341
• Days on Market decreased 14.1% to 73
• Percent of Original List Price Received increased 1.0% to 98.0%
• Months Supply of Inventory decreased 25.0% to 2.7

All comparisons are to 2015

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