Twin Cities Market Update October 1st, 2017 - LuxHomesMN

Twin Cities Market Update October 1st, 2017

Twin City real estate……”Last year’s national chorus was about how high buyer demand, a sunny economic outlook and enticingly low mortgage rates were propping up sales and prices in spite of low inventory. That refrain is still common enough, but regional changes continue to become more pronounced, whether due to weather, differing employment expectations or varying new construction outlooks. Let’s look at how our unique local market is performing. FROM THE MINNEAPOLIS AREA ASSOCIATION OF REALTORS®.

In the Twin Cities region, for the week ending September 23:
• New Listings increased 1.7% to 1,465
• Pending Sales decreased 1.5% to 1,081
• Inventory decreased 16.5% to 12,765

Myra Says: We are feeling a softening in pending sales.  Sellers need to be aware of this going in to the Fall and Winter Market and price aggressively to encourage quick and strong offers.

Click here for the full Twin Cities Market Update Report

For the month of August:
• Median Sales Price increased 6.8% to $252,000
• Days on Market decreased 14.3% to 48
• Percent of Original List Price Received increased 0.6% to 98.5%
• Months Supply of Homes For Sale decreased 16.7% to 2.5″