Weekly Market Report for Minneapolis Real Estate

By
Real Estate Agent with Luke Team Real Estate

Weekly Market Activity Report

The Twin Cities Housing market has seen some impressive highs and puzzling lows this year. Unfortunately, the lows have persisted through summer, despite low interest rates and a diverse and affordable housing stock.

Although New Listings are about where they were last year (near 1,600), Pending Sales remain as low as they've been all summer. The week ending August 14 bore just 631 signed purchase agreements, down 38.5 percent compared to last year. The three-month total for pendings is 8,018 compared to 13,830 last year, which is an even heftier decline of 42.0 percent.

Active Listings are up to 27,784, 8.1 percent more than last year. Growing inventory is not the result of too many homes coming on the market but rather a product of not enough homes going off the market. With Months Supply of Inventory now at 7.8, it still remains a buyer's market out there.

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Rainmaker
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Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

Nice work keeping everyone up to speed on the market stats for your area. The buying public want as much info as possible when considering an area and your statistics are important in their process.

Aug 23, 2010 02:00 PM #1
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