As the inventory is decreasing we are beginning to see the signs of price stabilization. This is becoming apparent in the latest weekly market update from the Minneapolis Area Association of Realtors.
For February the Days on Market decreased 9% and the percentage of asking price received increased 2.6% . The median sales price dropped, but by only 1.1%. This is evidence of the market beginning to stabilize…
The Twin Cities is down to a 4.6 Month supply of homes for sale.. We are on the upper edge of a Seller’s Market… It takes 3-4 months to build a new home to add to the market inventory, that makes under 5 month supply of homes a Seller’s Market. (some will say under 4 months supply is a buyers market – either way, we are entering that territory…)
In the Twin Cities region, for the week ending March 3:
- New Listings decreased 23.2% to 1,402
- Pending Sales increased 29.7% to 940
- Inventory decreased 22.9% to 17,818
For the month of February:
- Median Sales Price decreased 1.1% to $138,500
- Days on Market decreased 9.0% to 145
- Percent of Original List Price Received increased 2.6% to 90.6%
- Months Supply of Inventory decreased 36.5% to 4.6
Read Full Report from Minneapolis Area Association of Realtors
Related articles
- Twin Cities Weekly Real Estate Market Update 03/05/2012 (craigkamman.com)
- Twin Cities home sellers had best February since 2006 (startribune.com)
