Housing Supply Overview
With 2012 just around the corner, many local markets have enjoyed strong sales volumes combined with falling inventory levels so far this year. For the twelve-month period spanning December 2010 through November 2011, Pending Sales in the Twin Cities region were up 10.1 percent overall. The price range with the largest gain in sales was the $120,000 and under range, where they increased 50.9 percent.
The overall Median Sales Price was down 10.0 percent to $153,000. The property type with the smallest price decline was the Single-Family segment, where prices decreased 8.2 percent to $169,900. The price range that tended to sell the quickest was the $190,001 to $250,000 range at 137 days; the price range that tended to sell the slowest was the $1,000,001 and above range at 256 days.
Market-wide, inventory levels were down 23.6 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 20.5 percent. That amounts to 5.7 months supply for Single-Family homes, 4.7 months supply for Townhomes and Twinhomes and 7.7 months supply for Condominiums.
For additional information on the current real estate market,
please email or call us:
Thank you for visiting and you have yourself a fine day.