If only there were a system of grand, colorful lights for tracking residential real estate. Green for rising market, yellow for a transitional market and red for declining market. Let’s see if we can try to determine today’s market without the ease of well-known signals. Prices are bottoming and starting to rise. Buyer activity is showing year-over-year gains. Homes are selling faster and closer to list price. Multiple offers are becoming commonplace. Inventory levels are leaning toward the seller. Green means go.
In the Twin Cities region, for the week ending May 5:
- New Listings decreased 6.6% to 1,643
- Pending Sales increased 41.9% to 1,232
- Inventory decreased 28.3% to 17,579
For the month of April:
- Median Sales Price increased 12.1% to $162,500
- Days on Market decreased 15.1% to 135
- Percent of Original List Price Received increased 3.6% to 93.4%
- Months Supply of Inventory decreased 43.1% to 4.7