Weekly Market Update: November 10, 2014

As many markets begin to prepare for colder weather or festive family gatherings, a familiar seasonal slowing will begin to creep into the weekly numbers. Yet housing activity can be expected to float along at a seasonally healthy pace like a fallen leaf on a lazy river. With no big, negative economic news on the horizon, reliable sales, price and inventory figures, though not flashy, are quite welcome.

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

• New Listings decreased 9.2% to 1,076

• Pending Sales decreased 6.2% to 940

• Inventory increased 5.7% to 17,760

For the month of October:

• Median Sales Price increased 7.2% to $209,000

• Days on Market decreased 4.0% to 72

• Percent of Original List Price Received decreased 0.6% to 95.2%

• Months Supply of Inventory increased 10.8% to 4.1

Source:  Minneapolis Area Association of Realtors, article by Aubray Erhardt