For Week Ending August 5, 2017

As we reach into August, we’ll begin to see the volume of activity wane in anticipation of the school year. Although not every buyer or seller has children, it’s no secret that homeownership is a popular housing option for those with kids. In bulk, this has historically been enough of a factor for turning down the summer’s market heat before lower temperatures take hold.

In the Twin Cities region, for the week ending August 5:

• New Listings decreased 0.5% to 1,787
• Pending Sales decreased 3.6% to 1,285
• Inventory decreased 16.9% to 12,541

For the month of June:

• Median Sales Price increased 7.0% to $259,000
• Days on Market decreased 16.1% to 47
• Percent of Original List Price Received increased 0.8% to 99.5%
• Months Supply of Inventory decreased 13.3% to 2.6

All comparisons are to 2016

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

For Week Ending July 29, 2017

A favorable economy has kept buyers active amidst a summer of stiff competition that has led prices upward and often over the asking price. The latest recorded national unemployment rate of 4.3 is historically low and has served as a general indicator of a strong economy. If wage growth shifts into overdrive from its current state of patient increases, we may see even higher prices or, conversely, more willingness by sellers to increase the inventory pool.

In the Twin Cities region, for the week ending July 29:

• New Listings decreased 2.3% to 1,686
• Pending Sales decreased 4.7% to 1,300
• Inventory decreased 16.9% to 12,645

For the month of June:

• Median Sales Price increased 7.0% to $259,000
• Days on Market decreased 16.1% to 47
• Percent of Original List Price Received increased 0.8% to 99.5%
• Months Supply of Inventory decreased 13.3% to 2.6

All comparisons are to 2016

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