Another week during the peak selling season has brought further evidence of a market in transition. New listings came in slower than last year but buyer activity has increased over year-ago levels. Buyers are confident in the current affordability picture, and some rents have increased to levels above comparable mortgage payments. Absorption rates, negotiating leverage and market times are all still metrics worth watching carefully. Some agents are reporting that more than half of their clients are in multiple offers. That’s nothing to throw dirt at.
In the Twin Cities region, for the week ending June 23:
- New Listings decreased 1.6% to 1,395
- Pending Sales increased 15.8% to 1,105
- Inventory decreased 30.8% to 17,558
For the month of May:
- Median Sales Price increased 10.5% to $169,000
- Days on Market decreased 19.5% to 125
- Percent of Original List Price Received increased 3.8% to 94.6%
- Months Supply of Inventory decreased 43.4% to 4.6
Click here for the full Weekly Market Activity Report.