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Weekly Market Report for Minneapolis Real Estate
Weekly Market ReportHome sales in the Twin Cities metropolitan area continued to exhibit signs of divergence from last year's incentive market. The 812 Pending Sales for the week ending March 12 were 20.9 percent fewer than the same week in 2010. Since this year's weekly Pending Sales figures look more like a standard bell curve than last year's railroad spike, we'll continue to see declines through the end of April followed by gains during the summer months.Sellers introduced 1,453 new homes or 31.1 percent fewer than the same week last year. Active Listings for Sale has been shrinking relative to last year and holding fairly steady at or below 22,000 units so far this year. As of March 21, the current inventory of 22,077 made for 10.0 percent fewer homes for buyers to choose from. This trend has helped the Months Supply of Inventory metric maintain at 7.5 months, just outside the five to six month balanced range.
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