The number of homes for sale in the Twin Cities metro area continues to decline relative to a year ago. As of Monday morning this week, there were 26,674 homes for sale in the region, down 20.9 percent from a year ago. In other words, we've lost 1 in 5 homes in our inventory in the last year.
Sales are a different story. For the week ending June 20, there were 1,156 signed purchase agreements, up 32.1 percent from the same week in 2008. That's the 12th week of the last 13 to feature a year-over-year increase in sales activity exceeding 20 percent.
We must bear in mind, however, that sales are only up in certain categories and price ranges. Year to date, traditional home sales (excluding foreclosures and short sales) are still down 17.8 percent from last year. New construction sales are down 21.7 percent from last year. And sales of homes priced above $350,000 are down 26.8 percent from a year ago. The lion's share of market activity is taking place in the lower price ranges this year.
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The attached MAAR Weekly Market Activity Report is information the Minneapolis Area Association of REALTORS® (MAAR) sends to REALTOR® broker members and interested parties on a weekly basis. This is provided by MAAR to help you understand the Twin Cities 13-county residential real estate marketplace. Please contact me regarding any questions or comments you may have.
Sincerely,
Mark
Mark Allen, CEO
Minneapolis Area Association of REALTORS®
(952) 988-3134
www.mplsrealtor.com
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