Sellers are finally starting to catch up with strong buyer demand, but at the rate that homes are being snatched up, the influx of new listings will need to be more than a short-term addition. Rising home prices, fewer days on market and more homes being sold all support a positive public opinion about real estate. The following local stats should shed invaluable quantitative support for that warm fuzzy feeling residential real estate is handing out.
In the Twin Cities region, for the week ending June 8:
- New Listings increased 23.2% to 1,951
- Pending Sales increased 12.0% to 1,329
- Inventory decreased 21.7% to 14,569
For the month of May:
- Median Sales Price increased 14.8% to $194,000
- Days on Market decreased 29.8% to 87
- Percent of Original List Price Received increased 2.5% to 97.0%
- Months Supply of Inventory decreased 30.6% to 3.4
Click here for the full Weekly Market Activity Report.From The Skinny.