Minneapolis Area Association of Realtors weekly update is out for week ending August 4, 2012. Last week I was expecting that our inventory would drop below 17,000, it came in short of that by 86 homes.
In the Twin Cities region, for the week ending August 4:
• New Listings decreased 0.1% to 1,433
• Pending Sales increased 20.4% to 1,129
• Inventory decreased 29.6% to 17,085
Last week marked the end of July so the monthly figures are published in this report as well. The inventory dropped to 4.3 months supply and Median Sales Price jumped from $178,600 to $179,900.
This fall should be interesting with this diminished inventory. If buyer activity remains strong, we will likely see dynamic shifts in prices – assuming the appraisers can accommodate these market changes with the new regulations they are under.
For the month of July:
• Median Sales Price increased 14.2% to $179,900
• Days on Market decreased 27.8% to 105
• Percent of Original List Price Received increased 3.6% to 95.0%
• Months Supply of Inventory decreased 43.4% to 4.3
Read Full Report from MAAR