Saturday, March 17, 2012

For Week Ending March 3, 2012
Quick Facts
Publish Date: March 12, 2012 • All comparisons are to 2011
- 23.2%
+ 29.7%
Metrics by Week
New Listings
2
Pending Sales
3
Inventory of Homes for Sale
4
Metrics by Month
Days on Market Until Sale
5
Median Sales Price
6
Percent of Original List Price Received
7
Housing Affordability Index
8
Months Supply of Inventory
9
All data from NorthstarMLS. Provided by the Minneapolis Area Association of REALTORS®.


The last six years or so have been tough on home prices, and even the most optimistic prognosticators say it will take another six years for median sales prices to approach the halcyon days of assured annual value increases for home sellers. Generations of stable home price increases gave way to a boom-and-bust cycle that would have made the Pets.com sock puppet blush. As we enter what should be an active spring market, our communities would do well to focus effort toward creating healthy, happy homes. With those in place, prices will rise again.In the Twin Cities region, for the week ending March 3: • New Listings decreased 23.2% to 1,402 • Pending Sales increased 29.7% to 940 • Inventory decreased 22.9% to 17,818For the month of February: • Median Sales Price decreased 1.1% to $138,500 • Days on Market decreased 9.0% to 145 • Percent of Original List Price Received increased 2.6% to 90.6% • Months Supply of Inventory decreased 36.5% to 4.6

Okay, it's not over until it's over said Lenny Kravitz in his song. And, if it looks like a duck and walks like a duck... It's looking like the end of the downmarket is here. Inventory down, supply up, mortgage rates at an all time low, you do the math.

If you would like more advice about buying, selling, or investing in real estate. Contact Dan Basil (612) 280-5046 or email Dan at: info@thebasilgroup.com