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The 889 purchase agreements signed in the Twin Cities for the week ending May 21 were 40.2 percent higher than the same week in 2010. That's a big number, and it's certainly good news, but let's break it down.
Three short weeks ago, current sales activity was 37.4 percent below last year's levels. The truth is current sales levels have been slowly but steadily increasing all year. The sudden change from negative to positive year-over-year Pending Sales comparisons reflects sharply declining 2010 post-tax credit activity rather than skyrocketing 2011 activity. Even so, double-digit year-over-year gains are a welcome sight.
The change in seller activity was less dramatic. New Listings were up 7.9 percent with 1,706 new homes introduced to the market. This is the third consecutive week of year-over-year gains in listings, yet the three-month average shows a 19.7 percent decline compared to last year.
At 23,767, Active Listings for Sale are 10.0 percent lower than last year at this time.
This has been Greg Sax for...
Mark Allen, RCE, CIPS, CRS
Chief Executive Officer
Minneapolis Area Association of REALTORS®