Weekly Market Report for Minneapolis Real Estate

By
Real Estate Agent with Luke Team Real Estate

Weekly Market Activity Report

With the final days of the tax credit ticking away, buyers and sellers are hitting overdrive in an attempt to cash in on the credit's considerable incentives.

For the week ending April 10 there were a whopping 2,527 new listings, a huge jump of 47.9 percent over the same week in 2009. Only 28 percent of these are re-lists of properties that have already been on the market in the last year (the number was 33 percent a year ago at this time), so we know that many of these listings are brand new.

Pending sales were a little closer to year-over year figures, with the 1,084 signed purchase agreements just 3.6 percent above 2009 numbers. And proving the axiom that "Everything Rises Must Converge" the number of active listings is finally higher than it was last year. That's the first time that has happened since April 2008.

Two other important numbers this week:

Housing Affordability Index: At 206 this has dropped 5.5 percent from 2009. However, this number is still the highest it has been in several years.

Months Supply of Inventory: The 6.5 months of housing out there is the lowest it has been in several years

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