Here’s an oldie but goodie: All Real Estate is Local. We’ve all heard it. It’s why industry insiders don’t pay much attention to national housing statistics. The national housing market is just an agglomeration of local housing markets. It’s like saying there is a national garage sale market. They’re all local. You don’t grab an umbrella in Miami based on the weather forecast in Seattle. So why would someone in San Francisco base a home sale or purchase decision on market data from Boston? Here’s your data for your local housing market.
In the Twin Cities region, for the week ending February 16:
- New Listings decreased 4.9% to 1,196
- Pending Sales increased 7.9% to 916
- Inventory decreased 31.0% to 12,309
For the month of January:
- Median Sales Price increased 14.3% to $160,000
- Days on Market decreased 24.1% to 107
- Percent of Original List Price Received increased 2.5% to 93.5%
- Months Supply of Inventory decreased 40.0% to 3.0
Click here for the full Weekly Market Activity Report.From The Skinny.