Weekly Market Update: February 9, 2015

The U.S. economy continues on its journey upward. Not only have gas prices hit multi-year lows, but wages have experienced gains not seen since 2008. As the year picks up steam, and whether you hang out with the bears or bulls of market recovery prognostication (not Chicago sports teams), one cannot deny that the economy is in a more stable position than it has been in years.

In the Twin Cities region, for the week ending January 31:

• New Listings increased 8.5% to 1,012
• Pending Sales increased 16.0% to 886
• Inventory decreased 5.6% to 12,202

For the month of January:

• Median Sales Price increased 8.5% to $195,000
• Days on Market increased 7.5% to 100
• 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