Twin Cities Real Estate Market Update: May 2012
Twin Cities Real Estate Market Update for May 2012. Combined with strong sales and a recent drop in listing activity, this has translated into competing bids on existing inventory and modest price gains in select neighborhoods. Homes below $200,000 continue to sell faster as there is little competion. Informed sellers have noticed homes selling quicker and for closer to asking price. Home searches are turning up far fewer results than in recent years. National headlines continue to mask what is going on regionally. With fewer distressed properties selling, prices are effectively moving up as there is less downward pressure. May looks pretty good all around. New Listings in the Twin Cities region decreased 6.0 percent. Pending Sales were up 27 percent. Inventory levels shrank 31 percent giving buyers less to choose from when searching for their new home. Prices moved higher in may. The Median Sales Price increased 10.5 percent to $169,000. Days on Market was down 19.6 percent to 125 days. The supply-demand balance stabilized as Months Supply of Inventory was down 45.6 percent to 4.5 months.