Real Estate Weekly Update
November 15, 2010
For the week ending November 6, the pending snow outlook worsened as the Pending Sales outlook improved. The 619 signed purchase agreements in the Twin Cities metropolitan area marked a 16.0 percent drop from the same week last year. That’s the smallest decline since the week ending May 8.
We do need to add some context to that piece of good news. We are not seeing an increase in sales activity this year so much as sales began to decline at this time last year. The post tax-credit demand vacuum will lose suction during the winter months but will likely reappear this spring.
Potential sellers had a relatively busy week, listing 1,399 new properties on the market for a 10.6 percent increase over last year. That’s the first significant increase in New Listings since the week ending April 24.
Although inventory levels were 11.3 percent higher than last year at 25,257 active listings, the rate of increase appears to be slowing. The Supply Demand Ratio has reached 10.82, its highest level since December 2008. This means there are currently about 11 homes available per buyer.
As reported by the Minneapolis Area Association of Realtors.
That’s a bit depressing, I really hope there’s a sense of upturn and positivity in the coming months, if not at least for the coming year.