Despite falling temperatures and a surge in COVID-19 cases across the country, the U.S. real estate market remains active, with homes selling in record time due to
robust buyer demand and a shortage of housing options. With inventory down 28.4% compared to a year ago, the average home spent just 61 days on the market in January, a 14% drop from last year and the fastest pace of any January on record, according to Realtor.com’s monthly housing report.
In the Twin Cities region, for the week ending February 5:
• New Listings decreased 15.3% to 1,018
• Pending Sales decreased 19.1% to 883
• Inventory decreased 21.2% to 4,341
For the month of December:
• Median Sales Price increased 8.0% to $331,420
• Days on Market decreased 12.8% to 34
• Percent of Original List Price Received decreased 0.2% to 99.5%
• Months Supply of Homes For Sale decreased 18.2% to 0.9