The National Association of Homebuilders index recently rose to levels not seen since 2007. Historically, it's been a great leading indicator of housing starts. We lead with this information because it is just the latest in a series of testimonials toward a market with some wind in its sails. In as few as four months, the residential real estate scene could look quite different than it has in recent years. That's not to say that we're wave riding our way to a national housing boom, but market fundamentals could be steering the rudder in the direction of calmer waters. For sellers eager to get out but unwilling to take capital losses, that's more relieving than the usual threat of hull breach.
In the Twin Cities region, for the week ending February 11:
• New Listings decreased 0.4% to 1,313
• Pending Sales increased 28.9% to 928
• Inventory decreased 23.5% to 17,690
For the month of January:
• Median Sales Price decreased 3.4% to $140,000
• Days on Market decreased 8.5% to 142
• Percent of Original List Price Received increased 3.4% to 91.2%
• Months Supply of Inventory decreased 34.6% to 4.7
If you have any questions pertaining to the market conditions in your area, please give us a call. We'd be happy to discuss it with you.
Source:
Minneapolis Area Association of Realtors
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