Twin Cities Weekly Market Activity Report!

By
Real Estate Agent with ReMax Action West

For the week ending January 31, new listings continue at a lower level than seen last year, clocking in at 1,635-a 15.3 percent drop. Conversely, pending sales continue to raise sand with 673 recorded for this week's report-25 percent above last year. Basically, this is all welcome news. Having fewer listings on the market, combined with an increase in pending sales, helps to reduce the Months Supply of Inventory to 13.5 percent when compared to last year at this time-down from 8.9 to 7.7 months. This means it will take the current supply of houses for sale 7.7 months to sell (on average).

The Percent of Original List Price Received at Sale continues to fall, with the January figure of 89.5 sitting at 1.6 percent less than 2008. It's important to consider sales prices of foreclosure homes and how they affect this figure.  (Information Courtesy of Minneapolis Area Association of Realtors.)

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