Some say the big story of 2014 will be higher interest rates, some say it will be more inventory while others say it will be less foreclosure activity. The truth is likely to be an amalgamation of all of the above. The year 2013 was marked by variable but steady job growth, a good leading indicator of market activity. While consumers may be uneasy about higher rates, economic improvements can potentially offset any negative impact on affordability. The seasoned agent will recall a time when plenty of consumers were vying for properties when rates were double and triple what they are now.
In the Twin Cities region, for the week ending January 18:
- New Listings decreased 8.3% to 989
- Pending Sales decreased 24.8% to 591
- Inventory decreased 9.5% to 11,918
For the month of December:
- Median Sales Price increased 13.1% to $190,050
- Days on Market decreased 20.4% to 86
- Percent of Original List Price Received increased 1.0% to 94.7%
- Months Supply of Inventory decreased 15.6% to 2.7
All comparisons are to 2013
Click here for the full Weekly Market Activity Report.From The Skinny.