Local Real Estate News
In another sign that the six-year long housing slump could be coming to an end, the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) reached 28. To put that in perspective, it went from above 70 in 2005 to below 10 in 2009. The HMI has not seen 28 since June 2007. This and other landmark data points are coalescing to signal calmer waters ahead. That's not to say you should expect double-digit annualized appreciation, but both buyers and sellers are displaying the sort of confidence that is fluttering through the rest of the economy.
In the Twin Cities region, for the week ending March 17:
- New Listings decreased 1.3% to 1,406
- Pending Sales increased 23.1% to 1,029
- Inventory decreased 27.5% to 17,088
For the month of February:
- Median Sales Price decreased 1.4% to $138,000
- Days on Market decreased 9.0% to 145
- Percent of Original List Price Received increased 2.5% to 90.6%
- Months Supply of Inventory decreased 35.2% to 4.
Buyer activity: up. Seller activity: down. That could soon change if sellers begin to increase their activity levels entering the spring market. They've understandably been a tad shy lately, but the changing landscape is starting to register with well-informed homeowners looking to move. Buyers have shown that they refuse to let one of the most attractive purchase environments pass them by. As activity revs up this spring, not all segments will benefit equally. Which is exactly why the numbers are so central to assessing both the breadth and depth of market recovery.
In the Twin Cities region, for the week ending March 10:
- New Listings decreased 0.3% to 1,450
- Pending Sales increased 20.9% to 995
- Inventory decreased 24.3% to 17,899
For the month of February:
- Median Sales Price decreased 1.4% to $138,500
- Days on Market decreased 9.1% to 145
- Percent of Original List Price Received increased 2.6% to 90.6%
- Months Supply of Inventory decreased 35.8% to 4.7
