Weekly Market Activity Report
For the week ending April 9, sellers introduced 1,770 New Listings to the Twin Cities housing market. That's down an even 30.0 percent from the same week in 2010 when motivated sellers rightfully decided it was time to sell.
Current buyer activity simply cannot compete with an elevated 2010 incentive market. Pending Sales were down 22.7 percent from the same week last year to 838 contracts written. Drawing from a wider time frame can soften the theatrical plunge. Buyer activity was down 16.7 percent on average over the past three months. Comparing non-incentive markets to non-incentive markets also tells a more realistic story. Buyer activity was down only 2.3 percent compared to the same week in 2008.
The gap between this year's and last year's Active Listings for Sale has been growing for 10 straight weeks. There is also a pattern with year-over-year inventory levels, which are down 14.7 percent from 2010, 12.3 percent from 2009 and 28.3 percent from 2008. Those shopping for a home now have 22,869 options or about 27 active listings per purchase agreement signed for the week.