Twin Cities Market Update 12/01/2008

Real Estate Agent with Coldwell Banker Burnet

Comparing weekly activity for the next two weeks will be mostly worthless for one simple reason. Thanksgiving occurred a week earlier in 2007 than it did in 2008, and the expected downward swoon which takes place during the turkey holiday makes year-over-year comparisons difficult. For instance, our numbers this week state that new listings and pending sales for the week ending November 22, 2008 are up 36.5 percent and 74.5 percent over the same week last year, respectively.

Yowzers! This isn't indicative of an actual huge upswing in activity but rather the vagaries of where Thanksgiving lies in any given year. Expect next week's report to show a ludicrously massive downward decline relative to last year for the same reason.

For perspective, comparing the week before Thanksgiving in 2007 to the week before Thanksgiving this year shows a trend very similar to what we've been experiencing in recent weeks.

This week's edition of the MAAR Weekly Market Activity features an updated Supply-Demand Ratio (SDR) for December 2008 of 12.06, which means there will be approximately 12.06 homes for sale for every buyer in December. This is down 16.1 percent from December 2007.

The above Weekly Market Activity Report is information the Minneapolis Area Association of REALTORS® provided.

Any questions please feel free to ask.

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