The past two years of recovery have defied the initial expectations of many. Some portions of the market are starting to experience a bit of a slowdown, which may be due to seasonal unpredictability, lack of inventory, inability to obtain proper financing under tighter regulations or other factors. As long as good data is available for market analysis, the possibility of continued recovery and stability is present. The slow loris approach to hunting and gathering is not welcome on this journey toward residential real estate expertise.
In the Twin Cities region, for the week ending August 2:
• New Listings increased 7.3% to 1,815
• Pending Sales decreased 5.9% to 1,173
• Inventory increased 9.3% to 18,447
For the month of July:
• Median Sales Price increased 3.4% to $215,000
• Days on Market decreased 5.6% to 68
• Percent of Original List Price Received decreased 0.7% to 96.8%
• Months Supply of Inventory increased 15.8% to 4.4
Source: Minneapolis Area Association of Realtors, article by Aubray Erhardt
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