Each week I get lots of information regarding Minneapolis area trends and happenings in real estate. Hope you find the following information interesting.
Pending home sales were off to the races as buyers eagerly entered more contracts than during the same week in 2010. Sellers pulled back a bit as they listed fewer new properties than last year at this time. By and large, inventory declines have been the 2011 tale to tell, but a handful of alternative leading indicators suggest that the Spring 2012 market could present a changing landscape.
In the Twin Cities region (which includes Wayzata, Minnetonka, Eden Prairie, Deephaven, Plymouth, and Hopkins), for the week ending November 5:
• New Listings decreased 18.7% to 1,134 • Pending Sales increased 20.5% to 794
• Inventory decreased 22.1% to 21,214For the month of October:
• Median Sales Price decreased 9.6% to $154,500
• Days on Market decreased 0.6% to 134
• Percent of Original List Price Received increased 1.0% to 91.2%
• Month’s Supply of Inventory decreased 28.3% to 6.3
This information supplied by the Minneapolis Area Association of REALTORS®
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