It is official, we are through the Summer Holidays, School is back in session and the real estate market remains stable. According to the Minneapolis Area Association of Realtors (MAAR) for the week ending of August 23rd:
• New Listings increased 3.5% to 1,539
• Pending Sales increased 4.5% to 1,175
• Inventory increased 10.1% to 18,755
The most recent monthly report for July also provides some interesting indicators:
• Median Sales Price increased 3.4% to $215,000
• Days on Market decreased 5.6% to 68
• Percent of Original List Price Received decreased 0.7% to 96.8%
• Months Supply of Inventory increased 15.8% to 4.4
From the Realtor side of the business, we have felt the inventory levels start to creep up over the past couple of months. The market still remains strong and homes that are in great condition and are priced right, are still seeing multiple offers – it just is not at the same rate in which we have seen in the beginning of 2014.
If you would like to review the full report provided by MAAR, click here.