An increase in new home sales are in the spotlight, thanks to some recent figures
by the Commerce Department, but one should be careful not to speculate too
much about sales outpacing predicted numbers from the beginning of the year.
Small sample sizes, seasonal adjustments and poor geographic weighting can
have undesirable consequences on the reliability of national figures. This is why
locally grown MLS data is often the best source for quality market-informed
nourishment.
In the Twin Cities region, for the week ending March 21:
• New Listings increased 22.1% to 1,821
• Pending Sales increased 27.1% to 1,252
• Inventory increased 1.7% to 13,869
For the month of February:
• Median Sales Price increased 9.3% to $200,000
• Days on Market increased 7.1% to 106
• Percent of Original List Price Received increased 0.7% to 94.2%
• Months Supply of Inventory increased 3.3% to 3.1
Source: Minneapolis Area Association of Realtors
1 comment:
Eric and Sharla, your weekly market update provides valuable insights into the current trends in the Twin Cities real estate market. The notable increase in new listings and pending sales for the week ending March 21 is encouraging, highlighting a dynamic market. However, your caution about relying too heavily on national figures resonates well, emphasizing the importance of local MLS data for accuracy. The February statistics, such as the 9.3% rise in median sales price and the slight uptick in days on market, offer a comprehensive snapshot of the market's health. Thank you for sharing this detailed and informative update!
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