Twin Cities Housing Stats for Sept./Oct. 2007

Here’s the synopsis:

-New Listings are on par with or slightly lower then numbers for last year.

-Pending Sales are down 20% from this time 2006.

-Active Listings are up roughly 10% from last year which means there is even more inventory for buyers to consider.

-Average Days On Market (the time it takes a home to sell) is now at 141 days which is an almost 25% increase from last year.

-Percent of Original List Price Received at Sale is at 94%. This is not bad when taken in the context of other national markets which are getting hit harder, and is food for thought when considering how to price your home before bringing it to market.

-Mortgage rates are at an average of 6.7%. A tick lower then the national average.

-The Supply/Demand Ratio for September was at a record 12.26 homes for each potential buyer! The projected ratio for October comes down to 10.5 which reflects a number of sellers taking their homes off the market for the winter months.

-There is currently 8.5 months worth of inventory in the 150,000-250,000 dollar price range. This means that if no new properties came on the market it would take eight and a half months to sell everything currently available for sale. This reflects the single family homes. Condos and homes in higher price ranges vary.


You can view the complete report HERE.



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