With a shortage of options and bidding wars reaching an all-time high last year, an increasing number of buyers waived financing, appraisal, and inspection contingencies in hopes of making their offers more attractive to sellers. That number has been trending downward in recent months, according to the National Association of REALTORS® December 2021 REALTORS® Confidence Index Survey, which reports that while 79% of buyers waived a contract contingency in June 2021, only 60% of buyers did so in December.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING JANUARY 22:
- New Listings decreased 10.9% to 845
- Pending Sales decreased 15.6% to 767
- Inventory decreased 21.5% to 4,491
FOR THE MONTH OF DECEMBER:
- Median Sales Price increased 7.9% to $331,100
- Days on Market decreased 12.8% to 34
- Percent of Original List Price Received decreased 0.2% to 99.5%
- Months Supply of Homes For Sale decreased 27.3% to 0.8
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.