Weekly Minneapolis Market Report for Real Estate
Twin Cities home buyers and sellers both showed week-over-week increases coupled with year-over-year declines. The 1,490 New Listings were up over120.0 percent from the previous week but down 10.7 percent from the previous year. The 475 Pending Sales were up over 70.0 percent from the previous week but down 8.7 percent from the previous year.
Moral of the story? The market has embarked on its typical new year's ascent as we begin our long drive toward spring. We likely won't match 2010 levels until the summer months - when we're finally comparing two nonincentive markets on a level playing field.
Inventory was the metric to watch for the week, as the number of active listings for sale snuck in only 7.2 percent above year-ago levels. That's the smallest inventory increase since the first full week in August 2010. As of January 18, there were 21,687 homes available for purchase. While that's plenty of product for buyers to sift through, sellers will have to ensure that their properties show well and are priced aggressively.