According to Minneapolis Area Association of Realtors. new Listings in the Twin Cities region decreased 0.3 percent to 6,922. Pending Sales were up 12.2 percent to 5,347. Inventory levels fell 13.6 percent to 16,398 units. Prices continued to gain traction. The Median Sales Price increased 2.7 percent to $224,900. Days on Market was down 5.9 percent to 64 days. Sellers were encouraged as Months Supply of Inventory was down 23.9 percent to 3.5 months. Statistics released by the U.S. Census Bureau and the Department of Housing and Urban Development indicate that privately-owned housing starts in July 2015 rose 10.1 percent compared to last year to the highest level the market has seen since October 2007. This bodes well for the eventual landing of a flock of potential buyers currently holding in a rental pattern. As ideal summer weather diverges toward autumn, we will begin to see some seasonal relaxation, but the market should still look positive when compared to last year.
Labor Day seems like a distant memory and we are now in early October with the first frost around the corner. The Twin Cities market is still going strong in several of the distinct price ranges. Properly priced property is still selling quickly in those lower ranges. We still have new listings coming on and serious buyers out looking. It is a great way to head into the beginnings of winter. If you thought about selling but didn't get your home together for summer, It's not too late to join the party!