Tuesday, January 10, 2012

Good news in the housing market!



Everyone is wondering when housing values will increase. When will we hit bottom, I am asked often. My answer is the same. If only I had a crystal ball...What I do know is if we are not at the bottom, you will know when we hit bottom after you miss it!

We know many positive things are happening now. These stats are very important. Bottom line is Inventory is down, rates are down, buyers are in the market. This is good news whether you are buying, selling, or investing in rentals.

For Week Ending December 31, 2011 Quick Facts
Publish Date: January 9, 2012 • All comparisons are to 2011

Most observers would agree that this year's housing recovery was not as robust as
many had hoped. That said, a handful of things went right. Supply-side market
correction took the guise of inventory declines and a pullback in listing activity.
Consequently, sellers generally faced fewer challenges than in the past. Driven by
improvements in the economy and record-low mortgage rates, purchase demand
strengthened organically, independent of government incentives. Those sales gains
combined with falling inventories to move the market back toward balance. Nobody
knows what 2012 will bring, but it's a safe bet that these positive developments will
continue to evolve. I look for a very positive 2012!

In the Twin Cities region, for the week ending December 31:

• New Listings decreased 11.6% to 593
• Pending Sales increased 41.7% to 564
• Inventory decreased 24.9% to 18,341

• Median Sales Price decreased 5.6% to $145,000
• Days on Market decreased 2.4% to 140
• Percent of Original List Price Received increased 1.8% to 90.6%

If you or anybody you know needs assistance in the housing market please give me a call at 612.308.4708 or drop me an email. Check out my website @ www.go2joe.com