Science fairs, book swaps and spring sports have kept winter-weary minds off of what superficially appears to be a mixed beginning to what is typically a cheery second quarter. Most economists, however, believe that the coalescence of market normalization, an improving sales mix and good housing starts are all working behind the scenes to alleviate the growing pains of a market in recovery. Housing is already starting to see signs of upward price pressure, rising consumer confidence and some inventory relief.
In the Twin Cities region, for the week ending April 19:
• New Listings decreased 2.8% to 1,571 • Pending Sales decreased 5.3% to 1,227 • Inventory decreased 0.5% to 14,148
For the month of March:
• Median Sales Price increased 7.6% to $189,950 • Days on Market decreased 12.0% to 95 • Percent of Original List Price Received remained flat at 95.0 • Months Supply of Inventory decreased 6.1% to 3.1