Our local REALTOR Association reports:
With the final week of the third quarter in the books, buyers posted solid gains over last year's activity levels while sellers listed fewer properties on the market. As is typical for this time of year, expect some seasonal changes to start taking hold. Market activity may slow from one month to the next but should still show favorable year-over-year progress. The lending climate improved even more last week as interest rates dipped below 4.0 percent for the first time ever.
In the Twin Cities region, for the week ending October 1:
- New Listings decreased 21.0% to 1,219
- Pending Sales increased 32.7% to 926
- Inventory decreased 22.8% to 23,177
For the month of September:
- Median Sales Price decreased 6.0% to $156,000
- Days on Market increased 4.6% to 137
- Percent of Original List Price Received increase 0.5% to 91.2%
While we are seeing listing activity slow a bit compared to spring and summer, we are seeing continued strong buyer activity. The low rates are driving the market into fall. Let's hope it continues!
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