Twin Cities Market Update

By
Real Estate Agent with Keller Williams Premier

Currently we have seen an increase in activity of buyers in the area.  New listings are down 4.1% from this time last year and active listings are up 11.5%.  The biggest change is Pending sales are down 44.8% from this time last year! 

The days on market for a home to sell went from an average of 129 in September 2009 to 132 days this September.  Another interesting fact is that the percent of sales price received versus list price is down from 93.9% in September 2009 to 90.9% this September.

Months supply of inventory have gone up from 6.6 to 8.6 months.  Closed sales are down 33.5% from this time last year.  Median sales price went from $170,000 to $166,000 and average sales price went from $204,874 to $217,723. 

The big change resulting these numbers was largely do to the fact of the tax credit that took place during the past year which ended this April.  This pushed many sales to happen earlier in the year leaving the fall to few buyers.  It is nice to see the activity increase but buyers are acting cautious and making sure they are making the right decision.

 

**data is based on the information from the Regional Multiple Listing Service.

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