Weekly Housing Market Report for Minneapolis

Real Estate Agent with Luke Team Real Estate

Weekly Market Activity Report

Week of May 9, 2011

The final week of comparisons to last year's tax credit market is upon us. For the week ending April 30, New Listings in the Twin Cities were down 3.9 percent from the same week in 2010. A total of 1,733 new homes were introduced to the market, marking the smallest decline in seller activity in 17 weeks.Pending Sales were up at this time last year because of the tax credit, thus buyer activity was down 37.4 percent to 920 purchase agreements signed. That's the 21st consecutive week of year-over-year declines in Pending Sales.Inventory levels dropped 10.8 percent from last year, but there are still 23,265 homes to choose from in the 13-county metro area.The story should change significantly in the coming weeks as comparisons to last year's credit-induced spike in market activity comes to an end. The numbers should show gains over the post-tax-credit period during summer and fall 2010.

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