Although buyers are still in the market for higher inventory levels, sellers remain happy with their multiple-offer situations and short days on the market. As the product mix shifts away from distressed properties and towards traditional sellers, the U.S. housing market finds itself in a place it hasn’t been in a while – healthfully competitive. Pocket listings and shadow inventory provide something for the media to talk about, but for now, the market seems strong enough to hold up to any casual cannon fodder aimed its way.
In the Twin Cities region, for the week ending May 25:
- New Listings increased 29.8% to 1,799
- Pending Sales increased 18.8% to 1,382
- Inventory decreased 24.6% to 14,169
For the month of April:
- Median Sales Price increased 12.0% to $182,000
- Days on Market decreased 28.1% to 97
- Percent of Original List Price Received increased 2.8% to 96.0%
- Months Supply of Inventory decreased 36.0% to 3.2
Click here for the full Weekly Market Activity Report.From The Skinny.