The prevailing trend continues to be more showings, more offers, higher prices and faster sales, with inventory becoming a growing problem — or rather, a shrinking problem. There aren’t enough homes to choose from for hungry buyers eager to get in while the gettin’ is good. Meanwhile, rents are on the rise and there is a rising sense of improvement for new construction projects. With national unemployment down to 7.7 percent, there is a springy breeze in the air for better days ahead, even in the face of increased taxes and higher cable TV prices.
In the Twin Cities region, for the week ending March 2:
- New Listings increased 0.9% to 1,422
- Pending Sales increased 12.0% to 1,001
- Inventory decreased 31.0% to 12,371
For the month of February:
- Median Sales Price increased 15.5% to $160,000
- Days on Market decreased 22.2% to 112
- Percent of Original List Price Received increased 3.4% to 93.7%
- Months Supply of Inventory decreased 40.8% to 2.9
Click here for the full Weekly Market Activity Report.From The Skinny.