Listing inventories are on the rise, as are prices. However days on the market is declining. Buyers and sellers are working in overdrive before the tax credit ends at the end of this month.
According to the Minneapolis Area Association of Realtors, there were 2,527 new listings the week of April 10th, 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 so 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.
The chart below outlines new listings.