2nd Quarter Market & Economic Report

LOTS OF NUMBER CRUNCHY GOODNESS

Today the RMLS Released some pretty interesting stats about the current -s l o w - market.

Here's a quick breakdown for Hennepin County:

JOBS
In the 2nd Quarter 6,405 New Jobs were added. This is part of a very positive overall trend in a reduction in the average unemployment figures whic dropped from 3..9% to 3.8%.

Average Price
First Quarter: $301,300
Second Quarter: $296,300
Third Quarter Forecast: Rising

So some obvious adjustment is taking place here.

Number of Homes on Market
First Quarter: 13,321
Second Quarter: 16,957
Third Quarter Forecast: Flat

While Inventories continued to rise they did so at a much slower rate than previously. This will help to level the playing field between Buyers & Sellers.

Number of Homes Sold
First Quarter: 2,964
Second Quarter: 4,378
Third Quarter Forecast: Declining

Welcome numbers but not surprising considering the seasonal adjustments we all make.

Average Number of Days on Market
First Quarter: 79
Second Quarter: 64
Third Quarter Forecast: Rising

What is clear here is that Sellers need to remain patient when selling their homes.

One more bit of positive news...on average homes in the Twin Cities are selling for 96-98% of their original list price. So while it is a Buyer's Market, Sellers who are priced at where the market value is are still getting what they are asking.

My mantra these days is: "Price it Right, Sell it Fast."