Quote of the Week
While inventories remain tight, homebuilders will need to start looking to increase production in order to meet the growing demand," said Ryan Jones of Metrostudy Market Research. Look for the Twin Cities housing market to ramp up substantially over the next sixth months building up supplies of both housing and lot inventories.
Star Tribune, May 3, 2013
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National trends persistently show an increasingly competitive market. Low inventory and rising sales figures have caused homes to sell in fewer days at higher prices after multiple offers. If the rumors are true, the U.S. Department of Housing and Urban Development may have some foreclosure inventory to ease some of the pressure. However, until they and other property holders actually put homes on the market, buyers will be forced to either bid higher or jump in with dwindling options. While the wider picture is in flux, your local market's story is the one that matters. Let’s take a look.
In the Twin Cities region, for the week ending April 27:
• New Listings increased 2.9% to 1,519
• Pending Sales increased 17.3% to 1,308
• Inventory decreased 28.8% to 13,291
For the month of March:
• Median Sales Price increased 17.7% to $176,500
• Days on Market decreased 24.3% to 109
• Percent of Original List Price Received increased 3.1% to 95.0%
• Months Supply of Inventory decreased 38.0% to 3.1