Real Estate Update

Weekly Real Estate Update
May 21, 2012

Houses are just things. Boxes waiting to be filled. In the hands of caring, nurturing citizens, those simple boxes become homes that create memories and fortify communities for generations.

This month, more than 13,000 REALTORS® rallied at the Washington Monument to preserve the American Dream of homeownership. Some components of the dream are being threatened by budget pressures and market realities. But homeownership is very much alive and well, as more than three out of five residencies are owner-occupied in the U.S. Moreover, buyer demand has been impressive throughout the year. As Franklin D. Roosevelt famously stated: “A nation of homeowners is unconquerable.” Our response in 2012: Fill the box!

In the Twin Cities region, for the week ending May 12:
• New Listings decreased 11.8% to 1,485
• Pending Sales increased 18.9% to 1,159
• Inventory decreased 28.3% to 17,761

For the month of April:
• Median Sales Price increased 12.1% to $162,500
• Days on Market decreased 15.1% to 135
• Percent of Original List Price Received increased 3.6% to 93.4%
• Months Supply of Inventory decreased 42.4% to 4.7

Click on charts below to enlarge.

Number of Pending Sales Continue to Increase Each Month

Inventory Levels Continue Their Downward Trend

As reported by the Minneapolis Area Association of Realtors.



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