TWIN CITIES AREA
Traditional pending sales are up, distressed sales are down
November is a month when many people take time to reflect on what they are thankful for. This year, we are thankful for a steadily recovering housing market.
Sellers are feeling more confident and are putting their homes on the market in greater numbers. New listings were up 15.1 percent over last October. While homes typically take longer to sell during the autumn months than during spring, the current average time on market is just 75 days compared to last fall’s 103 days!
The total number of pending sales fell in October by one percent from last year, but this is due almost entirely to the healing distressed market. Traditional pending sales were up a hearty 19.7 percent in October, while pending foreclosures and short sales were down 33.7 percent and 50.8 percent, respectively.
The dominance of traditional transactions makes for thankful homeowners, as more are coming up from being underwater on their mortgages and finally have enough equity to make a move. Homeowners willing to keep their house showing-ready during the holiday season may reap the rewards by having fewer “just looking” showings and more purposeful, serious buyers coming through their home.
Buyers have a lot to give thanks for, as well. An increase in new listings means more homes to choose from, and industry leaders expect housing inventory to stabilize even more in the coming year. Buyers who choose to stick out their house hunt through the holiday season may also find they have less competition from other buyers who may put their home shopping on hold until the New Year. The rates for mortgages are still as low as they have ever been. It is still a ‘thumbs up’ market for buyers and sellers.