As the weather continues to cool, real estate activity slowly cools along with it.
While buyer activity is following its normal seasonal trend lower, it remains
substantially higher than the same time last year, continuing a months-long trend.
Strong buyer demand continues to draw down the available inventory of homes for
sale at a rapid pace, leaving buyers with fewer homes to choose from and many
sellers with multiple offers.
In the Twin Cities region, for the week ending October 3:
• New Listings increased 10.4% to 1,702
• Pending Sales increased 19.1% to 1,493
• Inventory decreased 29.7% to 9,234
For the month of August:
• Median Sales Price increased 9.8% to $315,000
• Days on Market decreased 4.9% to 39
• Percent of Original List Price Received increased 1.3% to 100.3%
• Months Supply of Homes For Sale decreased 30.8% to 1.8