Weekly Market Update: February 16, 2015

Nationally, housing starts are off to a good start in 2015, with new projects ahead of last year at this time. Before the confetti cannons come out, this doesn’t necessarily mean that sellers can start asking more and that buyers will immediately have more to choose from. But this does bode well for increased confidence throughout the residential real estate marketplace. Balance means a lighter ebb and flow of various market metrics rather than astronomical gains and losses. This is positive.

In the Twin Cities region, for the week ending February 7: 

• New Listings increased 25.4% to 1,496
• Pending Sales increased 14.3% to 881
• Inventory decreased 5.1% to 12,104

For the month of January: 

• Median Sales Price increased 8.5% to $195,000
• Days on Market increased 8.6% to 101
• Percent of Original List Price Received increased 0.2% to 93.7%
• Months Supply of Inventory remained flat at 2.9

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