Local home buyers had no reservations about exceeding their 2010 purchase volumes for the week. Sellers were a bit shy, introducing fewer new listings to the marketplace than last year. It's particularly important to watch the inventory needle as it can illustrate the overall market balance. Speaking of which, now is a great time to keep an eye on months supply and seller concessions. These metrics can often serve as leading indicators of a changing landscape.
In the Twin Cities region, for the week ending October 29:
• New Listings decreased 14.5% to 1,070
• Pending Sales increased 40.3% to 870
• Inventory decreased 21.6% to 21,930
For the month of September:
• Median Sales Price decreased 7.2% to $155,000
• Days on Market increased 5.6% to 137
• Percent of Original List Price Received increased 0.3% to 91.1%
• Months Supply of Inventory decreased 21.7% to 6.8
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