Weekly Market Update: November 16, 2015

In a continually improving economy, what we might expect to happen is happening in the housing market. Sales and prices are generally up in year over-year comparisons, and new listings are replenishing the market at a fairly steady clip. More sellers are still encouraged to enter the fray, as lower inventory continues to remain a point of some concern.

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

 • New Listings increased 7.5% to 1,183
 • Pending Sales increased 10.7% to 907
 • Inventory decreased 16.2% to 14,850

For the month of October:

 • Median Sales Price increased 4.4% to $217,000
 • Days on Market decreased 2.8% to 70
 • Percent of Original List Price Received increased 1.1% to 96.2%
 • Months Supply of Inventory decreased 25.6% to 3.2

Source:  Minneapolis Area Association of Realtors