Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
December 6, 2010

After more than six months of double-digit declines, the past three weeks have shown year-over-year sales declines of less than 6 percent. For the week ending November 27, buyers signed 377 purchase agreements, or 5.5 percent fewer than last year.

Let’s play with personification: Twin Cities Housing Market, this is Statistical Normalcy. You two met about eight months ago, but you haven’t seen each other in a while. We’ll let you catch up.

And that’s our running theme for the week. Sellers mimicked their activity from last year and tightened up to 2009’s trend line. Like Pending Sales, New Listings have narrowed the gap between this and last year’s numbers, but they experienced a notable slowdown due to the Thanksgiving holiday. There were 676 new properties entering the market for a 6.4 percent decrease from last year.

Inventory has been dropping at roughly the same rate as it did at this time in 2009. Currently, the 23,812 Active Listings represent a 9.8 percent supply spike compared to last year. Keep in mind that some sellers take property off the market at this time of year as a way to stop the play clock while buyers hibernate.

As reported by the Minneapolis Area Association of Realtors.



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