Weekly Real Estate Update
December 27, 2011
Another year is coming to a close, and you could sum up the local housing market as another “transition year”. There were ups and downs, with positive developments stunted by political paralysis, joblessness or other issues. Nonetheless, the housing sector took important strides forward.
Record low mortgage rates brought buyers out to the streets to snap up excess housing supply off the market. These home sales have reduced both inventory levels and seller concessions. Foreclosures and short sales have seen plenty of demand in part due to many consumers facing tighter household finances. While this has created limited price gains in many areas, it’s also hastened the eventual absorption of distressed properties.
In the Twin Cities region, for the week ending December 17:
• New Listings: decreased 16.9% to 799
• Pending Sales: increased 50.1% to 749
• Inventory decreased: 23.6% to 19,
For the month of November:
• Median Sales Price: decreased 10.2% to $149,000
• Days on Market: decreased 1.8% to 135
• Percent of Original List Price Received: increased 1.0% to 90.9%
• Months Supply of Inventory: decreased 30.0% to 5.7
Statistics provided by the Minneapolis Area Association of Realtors.