It is common for there to be a lift in residential real estate activity at the beginning of each calendar year, as consumers steel their collective resolve to do what they deem is next toward achieving their goals. It is the housing industry’s equivalent to resolving to eat better, go to the gym more, quit smoking, etc. Except in 2018 so far, we are not yet seeing that extra bump in activity. For the most part, the trends have been blind to calendar dynamics.
In the Twin Cities region, for the week ending January 27:
• New Listings decreased 13.2% to 881
• Pending Sales decreased 11.1% to 722
• Inventory decreased 25.3% to 7,080