For Week Ending September 3, 2016

Most market trends have been steadily the same for the bulk of 2016, and there’s not much reason to expect a change as we enter the last several months of the year. We have witnessed an overall drop in the number of days a home is on the market before sale, that sale price is generally higher than it used to be and there are fewer homes for sale. The one area of interest that we will be watching will be total sales being made. As the drop in inventory continues, it stands to reason that there will be fewer sales, but that has yet to consistently be the case.

In the Twin Cities region, for the week ending September 3:

• New Listings decreased 8.6% to 1,314
• Pending Sales decreased 6.9% to 1,114
• Inventory decreased 16.7% to 14,295

For the month of August:

• Median Sales Price increased 5.6% to $237,500
• Days on Market decreased 14.1% to 55
• Percent of Original List Price Received increased 0.8% to 97.9%
• Months Supply of Inventory decreased 24.3% to 2.8

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.