Both Pending Sales and New Listings are up this week. Not a big surprise. The news is that Pending Sales are only up a very small amount, while the number of New Listings rose significantly. Therefore we are left with a net increase to the available inventory. The "health" real estate market, is driven by supply and demand. We all know there are more homes for sale than there are buyers. The critical question is, "Do we have too little demand, or too much supply?" The number of homes sold has been on the rise for many years, but has plateaued, and fallen slightly recently. Meanwhile the number of homes for sale has continued rising. It's tempting to say the buyers left the market, there's no more demand! But ask yourself, "How often can we expect people to move?" The number of times a person moves in their life has been rising since the 50's but eventually it's got to stop. We'll never get to the point where people are moving an average of every couple years. So, if demand is at about the same point as it's been for the past 3-4 years, I'd say we have a supply issue. Which is better than a demand issue. There are buyers out there buying homes, believe it or not! It's just hard to find them through the "forest" of homes for sale! Minneapolis Metro Area: Real Estate Market Stats – as of February 11th Week Ending | Pending Sales | New Listings | Total # of Listings | | Jan. 19th | 485 | 1877 | 28,186 | | Jan. 26th | 528 | 1706 | 28,153 | | Feb. 2nd | 537 | 1930 | 28,803 |
January Minneapolis, MN Feb. stats arrive mid Mar. | Jan. 2006 | Jan. 2007 | Change from 1 Yr. Ago | | Days on Market | 133 | 152 | + 14.3% | | Average Sale Price | $244,026 | $236,366 | - 3.1% |
Minneapolis Neighborhood Average Sale Prices *** These statistics should NOT be used as a basis for valuation of specific properties. Value estimates need to be based on data specific to the property type and recent sales of similar properties. For a free market analysis on your home, please feel free to contact me at the number above. | | 2006 | 2007 | Percent Change | | Camden | $161,352 | $131,290 | - 18.6% | | Downtown | $310,891 | $323,644 | + 4.1% | | Longfellow | $220,072 | $222,404 | + 1.1% | | Nokomis | $239,843 | $235,852 | - 1.7% | | North | $152,372 | $101,864 | - 33.1% | | Northeast | $214,645 | $198,184 | - 7.7% | | Phillips | $208,259 | $166,916 | - 19.9% | | Powderhorn | $182,561 | $169,911 | - 6.9% | | Southwest | $351,385 | $370,175 | + 5.3% | | University | $259,903 | $263,083 | + 1.2% | | Uptown | $401,119 | $387,612 | - 3.4% |
Data courtesy of MAARcollected from the RMLS database.
2 Comments on Minneapolis, Minneasota: Market Update Feb. 11, 2008
|
;)
Links;)
Tags (Tag Cloud);)
Archives
We are finding that first time home buyers are still buying and the very high priced homes are still selling - everything in between is slow.