Sellers are thrilled and buyers frustrated that the average number of days a property is on the market until sale continues to drop. Last year's July average was 105 days or 3.5 months... this year it was down to 72 days, 2.4 months.
If you ask buyers searching for homes they may be surprised the average is that long... many homes sell in a matter of days. Pending sales actually inched up rather than down as it usually does at this time of year as people are more focused on summer vacations than home buying.
That shift in focus away from getting homes ready for sale towards enjoying summer is reflected in the number of new listings, which continues to slide down as it usually does at this time of year.
The good news is the share of traditional listings versus foreclosures and short sales continues to climb, reflecting a market that is becoming more and more 'normal'.
The figures above are based on statistics for the combined 13-county Twin Cities metropolitan area released by the Minneapolis Area Association of Realtors, with the historical chart coming directly from them.
Never forget that all real estate is local and what is happening in your neighborhood may be very different from the overall metro area.
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Sharlene Hensrud, RE/MAX Results - Email - Twin Cities Real Estate Market
