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Twin Cities/Minnesota Weekly Market Update For the Week Ending Jan. 14th

By
Real Estate Agent with RE/MAX Results MN#20344949 WI#93113-94

Here is this weeks update from the Minneapolis Association of Realtors below.  Its hard to add to their summary.  It does a good job explaining the current market and the signs that say the market is turning around. I have used this info for the last couple months to explain that prices will be slightly up for most areas in the Spring.

I have been explaining to buyers we are going have multiple offers on the best priced homes that come on the market.  I will keep stating that so buyers aren't as surprised come offer time!

 

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Last week, the Mortgage Bankers Association reported that mortgage applications 

increased more than 23.0 percent from the week prior. The fine print stated that most 

of the increase was driven by refinancing activity, given record low rates. Residential 

construction data also provided glimmers of hope. By now, many have surely noticed 

that the supply-demand balance is changing. What some may not realize is that this is 

a leading indicator, while home prices are a lagging indicator. Price appreciation is the 

final phase of recovery. Excess supply is down–in some areas, it's way down. 

Purchase demand in most areas strengthened throughout the second half of 2011. For 

sellers, it's less scary out there. For buyers, it's still a once-in-a-lifetime opportunity.

 

In the Twin Cities region, for the week ending January 14:

 • New Listings decreased 5.2% to 1,216

 • Pending Sales increased 28.4% to 728

 • Inventory decreased 23.8% to 17,690

 

For the month of December:

 • Median Sales Price decreased 6.5% to $145,000

 • Days on Market decreased 2.5% to 140

 • Percent of Original List Price Received increased 1.7% to 90.6%

 • Months Supply of Inventory decreased 35.6% to 4.

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Chuck Carstensen is a Realtor with RE/MAX Results in Elk River and Cambridge, MN.  Helping buyers, sellers and investors in great Minnesota counties like Sherburne, Isanti, Wright, Anoka, Chisago, Hennipen and Mille Lacs. He is a Certified Distressed Property Expert (CDPE).

Contact Chuck by emailing him at chuck.carstensen@results.net or by phone at 612-290-3809. 

 

Comments (1)

Michael S. Bolton
Michael S. Bolton,Inc. - Zimmerman, MN
MN Appraiser

Chuck~Have you gone through the Associations year end report. There some interesting numbers regarding the concentration of REO sales. There a link on my last blog. You might want to check it out (page 7).

Jan 23, 2012 12:38 PM