For Week Ending January 9, 2016

We are just getting started into 2016 residential real estate market activity, but early indicators are pointing to a positive start. Home sales are expected to have a healthy amount of growth in 2016, but along with the rise in sales, modest increases in home prices are also expected. Low mortgage rates are an unexpected ray of sunshine this week, amidst typical winter doldrums.

In the Twin Cities region, for the week ending January 9:

• New Listings increased 11.3% to 1,144
• Pending Sales increased 15.3% to 708
• Inventory decreased 20.8% to 10,293

For the month of December:

• Median Sales Price increased 9.9% to $219,900
• Days on Market decreased 12.4% to 78
• Percent of Original List Price Received increased 1.3% to 95.4%
• Months Supply of Inventory decreased 31.3% to 2.2

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.