No one knows how accurate that February groundhog is, but by this time of year everyone is screaming of cabin fever. The spring market is in full swing, so keep your eyes on the prize and your mobile device in hand. Prepare yourself for seeing even more buyers buying, more sellers selling and lots of attention being given to the need for new inventory. Will you like what you see? Well, let’s take a look. Here’s the lowdown on your local market.
In the Twin Cities region, for the week ending March 23:
• New Listings increased 2.8% to 1,453
• Pending Sales increased 11.9% to 1,116
• Inventory decreased 29.8% to 12,779
For the month of February:
• Median Sales Price increased 15.5% to $160,000
• Days on Market decreased 22.2% to 112
• Percent of Original List Price Received increased 3.4% to 93.7%
• Months Supply of Inventory decreased 38.8% to 3.0
Source: Minneapolis Area Association of Realtors
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