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MN Real Estate Market Minute - An Update on the Minnesota Real Estate Market - Twin Cities Metro Area

By Kimberly Koehler

Real Estate Agent with EXiT Three Rivers Realty

April 06, 2009 05:46 PM

MN Real Estate Market Minute

The real estate market in Minnesota is seeing a consistent rise and positive signs of a healthier real estate market. The Twin Cities real estate market shows no signs of slowing down its positive rise.

Here are the current points for the Minnesota Real Estate Market in the Twin Cities Metro Area for the week ending March 28, 2009.

Pending sales are growing strong and increased 28.2 percent over last year.
Our listings supply continues to decline. The total number of houses for sale is 26,131, a decline of 16.2 percent from this time in 2008.
Days on Market (DOM) continues its downward trend, dipping an additional 9% over last years number. This means average seller(s) in Minnesota will have their home on the market for 150 days prior to accepting an offer
Supply-Demand Ratio in the Minnesota Housing Market has fallen 23.5% from this time last year as well. Meaning there are 5.57 homes offered for sale for each active buyer in the Twin Cities Metro Area.

With the $8,000 federal tax credit for first-time home buyers and mortgage rates at historic lows, it's not surprising to see these positive gains in our local Minnesota real estate market.