For Week Ending February 11, 2017
The total supply of homes for sale at this early juncture of 2017 coupled with the relative low affordability of those homes have made the market interesting to watch. The combination of broad personal financial situations is particularly pronounced among millennials celebrating their prime home-buying years. While some individuals may have a decent amount of money saved up for a home purchase, others have educational debt, lowering their maximum affordability price. Being aware of this situational variety will help both lenders and agents.
In the Twin Cities region, for the week ending February 11:
- New Listings decreased 5.2% to 1,338
- Pending Sales increased 1.1% to 859
- Inventory decreased 23.3% to 8,583
For the month of January:
- Median Sales Price increased 4.7% to $225,000
- Days on Market decreased 7.1% to 79
- Percent of Original List Price Received increased 0.9% to 95.9%
- Months Supply of Inventory decreased 26.1% to 1.7
All comparisons are to 2016
Click here for the full Weekly Market Activity Report. From The Skinny Blog.