This week, and through the end of the year, you might be watching for much-needed inventory gains that will not arrive due to traditional end-of-year lulls in the marketplace related to holidays and/or colder weather. Nobody wants to sell at the bottom. In general, inventory pools are up in year-over-year comparisons in many areas, suggestive of seller confidence with recent price gains. Overall recovery is unlikely to stall. The pace of price gains and bidding wars may ease, but that’s not necessarily a bad thing. Just ask any prospective home buyer.
In the Twin Cities region, for the week ending November 16:
- New Listings decreased 4.2% to 1,003
- Pending Sales decreased 7.3% to 758
- Inventory decreased 3.2% to 15,318
For the month of October:
- Median Sales Price increased 11.4% to $194,900
- Days on Market decreased 27.2% to 75
- Percent of Original List Price Received increased 1.4% to 95.8%
- Months Supply of Inventory decreased 12.5% to 3.5
All comparisons are to 2012
Click here for the full Weekly Market Activity Report.From The Skinny.