In light of the low inventory and affordability situation this year, it was a good
surprise to see existing home sales hit a national 10-year high. It isn't a surprise,
however, to see multiple offers on a home within a few days of being on the market.
Buyer demand is high and will continue to be for the foreseeable future, so it was
also welcome news that builder confidence and housing starts were up as well.
In the Twin Cities region, for the week ending April 15:
• New Listings decreased 17.8% to 1,612
• Pending Sales decreased 6.7% to 1,374
• Inventory decreased 20.1% to 10,574
For the month of March:
• Median Sales Price increased 7.0% to $237,500
• Days on Market decreased 14.1% to 73
• Percent of Original List Price Received increased 1.3% to 98.1%
Publish Date: April 24, 2017 • All comparisons are to 2016
Information from MAAR