For Week Ending May 19, 2018
According to the National Association of REALTORS®, existing home sales were down 2.5 percent for the nation as a whole in April. While local trends do not necessarily coincide with national trends, a holistic outlook can often explain the general state of feelings regarding residential real estate. Sales have been lower in year-over-year comparisons in the hottest submarkets due to low inventory and a speed to sale that is faster than the market can replenish itself.
In the Twin Cities region, for the week ending May 19:
- New Listings increased 8.9% to 2,279
- Pending Sales decreased 10.2% to 1,437
- Inventory decreased 22.6% to 9,768
For the month of April:
- Median Sales Price increased 9.0% to $267,000
- Days on Market decreased 10.2% to 53
- Percent of Original List Price Received increased 0.8% to 99.9%
- Months Supply of Inventory decreased 20.8% to 1.9
All comparisons are to 2017
Click here for the full Weekly Market Activity Report. From The Skinny Blog.