If you follow our weekly notes with even a sidelong glance, you know that the story of the market in 2011 has been increased sales and decreased inventory. That’s all well and good, but consumers and the media want to talk about one thing: Price. Ideally, sellers seek multiple offers. This signals strong demand and competitive bidding. Buyers want to know that purchasing a home is a financially sound investment. Consumers, whether buyer or seller, want to know when we’ll be establishing a stable real estate foundation again. Which is exactly why the tale of increased sales activity and healthy inventory absorption matters.
In the Twin Cities region, for the week ending December 24:
• New Listings decreased 9.6% to 596
• Pending Sales increased 48.4% to 607
• Inventory decreased 24.4% to 18,666
For the month of November:
• Median Sales Price decreased 10.2% to $149,000
• Days on Market decreased 1.8% to 135
• Percent of Original List Price Received increased 1.0% to 90.9%
• Months Supply of Inventory decreased 29.8% to 5.7