Tuesday, December 11, 2012

Weekly Market Update: December 10, 2012

This year has brought sustained turnaround in a variety of areas and market segments. It's why many in the housing industry are optimistic about 2013. Attractive mortgage rates, affordable inventory and a healing jobs picture give reason to believe that year-over-year improvements will continue into and after the traditional holiday slowdown.

In the Twin Cities region, for the week ending December 1:

• New Listings increased 0.7% to 1,019
• Pending Sales increased 18.6% to 977
• Inventory decreased 29.0% to 14,260

For the month of November:

• Median Sales Price increased 16.9% to $173,000
• Days on Market decreased 25.9% to 103
• Percent of Original List Price Received increased 3.7% to 94.3%
• Months Supply of Inventory decreased 40.6% to 3.4

Source:  Minneapolis Area Association of Realtors

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