This spring, investors are expected to play a less dominant role since there are fewer attractive bargains to be had. This allows room for younger families and individuals fed up with rent hikes. The affordability picture has come down but remains attractive, pressured by rising but not fully recovered prices and slightly higher rates. Despite some inventory shortages, several local markets are in balanced territory heading into the peak selling season.
In the Twin Cities region, for the week ending March 22:
- New Listings increased 2.6% to 1,490
- Pending Sales decreased 6.9% to 1,010
- Inventory decreased 6.8% to 12,791
For the month of February:
- Median Sales Price increased 14.4% to $183,000
- Days on Market decreased 10.8% to 99
- Percent of Original List Price Received decreased 0.2% to 93.6%
- Months Supply of Inventory decreased 12.5% to 2.8
All comparisons are to 2013
Click here for the full Weekly Market Activity Report. From The Skinny.