For Week Ending February 3, 2018

As we get beyond the newness of the year and into the idea that 2018 is here and now, there is plenty of excitement about the promise presented within strong economic conditions and an active real estate market. Buyers are taking fresh listings that show well off the market in short order, and it is evident that the lack of inventory is driving prices up and market time down.

In the Twin Cities region, for the week ending February 3:

• New Listings decreased 24.2% to 1,000
• Pending Sales decreased 19.3% to 767
• Inventory decreased 25.0% to 7,062

For the month of December:

• Median Sales Price increased 9.7% to $248,000
• Days on Market decreased 15.3% to 61
• Percent of Original List Price Received increased 1.3% to 97.1%
• Months Supply of Inventory decreased 26.3% to 1.4

All comparisons are to 2017

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

For Week Ending January 27, 2018

It is common for there to be a lift in residential real estate activity at the beginning of each calendar year, as consumers steel their collective resolve to do what they deem is next toward achieving their goals. It is the housing industry’s equivalent to resolving to eat better, go to the gym more, quit smoking, etc. Except in 2018 so far, we are not yet seeing that extra bump in activity. For the most part, the trends have been blind to calendar dynamics.

In the Twin Cities region, for the week ending January 27:

• New Listings decreased 13.2% to 881
• Pending Sales decreased 11.1% to 722
• Inventory decreased 25.3% to 7,080

For the month of December:

• Median Sales Price increased 9.7% to $248,000
• Days on Market decreased 15.3% to 61
• Percent of Original List Price Received increased 1.3% to 97.1%
• Months Supply of Inventory decreased 26.3% to 1.4

All comparisons are to 2017

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