For Week Ending April 16, 2016

Higher home prices and declining months’ supply confirm that it continues to be an excellent time to sell as we start to shift into the heart of the sales season. While construction is expected to pick up and both first-time and move-up buyers are eager to bid for the perfect home, we still need to find a solution for the ongoing problem of low inventory.

In the Twin Cities region, for the week ending April 16:

• New Listings decreased 5.0% to 1,957
• Pending Sales increased 5.9% to 1,506
• Inventory decreased 19.1% to 12,592

For the month of March:

• Median Sales Price increased 5.7% to $222,000
• Days on Market decreased 17.5% to 85
• Percent of Original List Price Received increased 0.9% to 96.8%
• Months Supply of Inventory decreased 28.6% to 2.5

All comparisons are to 2015

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