Twin Cities/Minnesota Weekly Market Update For the Week Ending Jan. 7th

Its good to relay the the Minneapolis Association of Realtors is reporting that week one of 2012 the trends we saw late in the year continued. I personally felt like that week was a slow week. However, the last few days I have met some new buyers who are entering the market. This should lead to a competitive Spring market that will see a lot of multiple offer situations. Be ready Twin Cities Buyers & Sellers!!!

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The first full week of 2012 shows that buyers were off to a busy start while

seller activity cooled down. Sales volumes easily beat the same week in 2011.

The inventory drops that many communities saw during the second half of

last year should translate into further positive news for sellers. Interest rates

are expected to hold the low ground, enriching the buying environment for

consumers. It's early now. The spring market will ultimately be the major tell

as to the rate of recovery throughout the year. Today's lesson: Maintain a longterm perspective and watch trends develop beyond one week of data.

In the Twin Cities region, for the week ending January 7:

• New Listings decreased 14.6% to 1,266

• Pending Sales increased 13.8% to 561

• Inventory decreased 24.5% to 17,302

For the month of December:

• Median Sales Price decreased 6.5% to $145,000

• Days on Market decreased 2.5% to 140

• Percent of Original List Price Received increased 1.7% to 90.6%

• Months Supply of Inventory decreased 35.6% to 4.6