Weekly Real Estate Update
February 25, 2013
Here’s an oldie but goodie: All Real Estate is Local. We’ve all heard it. This is why industry insiders don’t pay much attention to national housing statistics. The national housing market is just an agglomeration of local housing markets. You don’t grab an umbrella in Miami based on the weather forecast in Seattle. So why would someone in San Francisco base a home sale or purchase decision on market data from Boston? Here’s your data for your local housing market.
In the Twin Cities region, for the week ending February 16:
• New Listings decreased 4.9% to 1,196
• Pending Sales increased 7.9% to 916
• Inventory decreased 31.0% to 12,309
For the month of January:
• Median Sales Price increased 14.3% to $160,000
• Days on Market decreased 24.1% to 107
• Percent of Original List Price Received increased 2.5% to 93.5%
• Months Supply of Inventory decreased 40.0% to 3.0
As reported by the Minneapolis Area Association of Realtors
Ready to buy or sell a home? Call the sister team.
We’d love to help you move forward.
Ellen and Kate Walsh
Coldwell Banker Burnet