next year. Residential real estate should remain active if joblessness continues to
decline and wage growth picks up. However, those increased wages must be in line
with median sales price increases. Unfortunately, that has not always been the
case. Add in factors such as increasing mortgage rates, student loan debt and
lower affordability, and the balance becomes more interesting but not
insurmountable for home purchasers.
In the Twin Cities region, for the week ending December 9:
• New Listings increased 3.0% to 762
• Pending Sales decreased 7.5% to 747
• Inventory decreased 23.5% to 8,837
For the month of November:
• Median Sales Price increased 6.5% to $245,000
• Days on Market decreased 11.1% to 56
• Percent of Original List Price Received increased 0.8% to 97.4%
• Months Supply of Homes For Sale decreased 21.7% to 1.8
Information Gathered from MAAR
Publish Date: December 18, 2017 • All comparisons are to 2016
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