Weekly Market Report for home sales in Minneapolis

By
Real Estate Agent with Luke Team Real Estate

Weekly Market Activity Report

Over the last three weeks, the number of new listings has grown at a stronger pace than we saw in 2009. For the week ending February 20, there were 1,833 new listings, an increase of 17.7 percent from a year ago. The recent uptick is likely a combination of the typical spring increase in activity coupled with the effects of the $6,500 tax credit available to move-up buyers. Consumers who have lived in their current residence for 5 of the last 8 years are eligible to receive the credit when they purchase a home before April 30.

Also for the week ending February 20, pending sales made a 9.9 percent year-over-year jump after staying even with last year for several consecutive weeks.

The Supply-Demand Ratio for March is 5.39, which means there are 5.39 homes available for each buyer. That's 6.9 percent below last year's number and is another indication of dwindling supply.

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