Our local REALTOR Association reports (on December 12):
As another new year approaches, we find ourselves settling in for the holidays, which typically come with slowed real estate activity. In the first week of the full holiday shopping season, we saw sales increase. We're talking about residential real estate, of course, although retail performed surprisingly well, too.
Sellers listed fewer properties during the week, choosing instead to hunker down in their living rooms rich with the aromas of pine-scented candles and cinnamon cider sticks.
In the Twin Cities region, for the week ending December 3:
• New Listings decreased 9.3% to 1,006
• Pending Sales increased 36.4% to 885
• Inventory decreased 22.9% to 20,031
For the month of November:
• Median Sales Price decreased 9.9% to $149,500
• Days on Market decreased 1.8% to 135
• Percent of Original List Price Received increased 1.0% to 90.9%
• Months Supply of Inventory decreased 30.5% to 5.7
Our two cents (or three words, rather!) regarding the local marketplace: INVENTORY IS LOW. Showings are still hobbling along, and considering we are two weeks from Christmas, the fact that showings exist are a very positive thing! The thing to keep in mind for the winter market - buyers who house hunt in the winter are serious. There is little tire-kicking going on this time of year. We hope these balmy temps and low rates keep the buyers out there. Doing so might produce a merrier Christmas for some sellers in this market!
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