Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
December 27, 2010

We don’t want to make excuses, okay, but it has been the snowiest December on record for the Twin Cities metropolitan area. We’re all too aware that our market metrics have provided some sting through much of 2010, and the snow and snow and more snow nudging us toward 2011 hasn’t helped.

There were 458 Pending Sales for the week ending December 18, marking a 14.1 percent drop from year-ago levels. Meanwhile, there was an 11.9 percent increase in New Listings for the same time period comparison.

Active Listings for Sale, at 22,956, continue to drop from week to week, but we are still 12.3 percent ahead of last year’s total number of  listings. Other challenges include:

• Days on Market Until Sale – up 10.1% to 140 days
• Percent of Original List Price Received at Sale – down 5.2% to 89.4%
• Supply Demand Ratio – up 17.5% to 9.72 houses per buyer
• Months Supply of Inventory – up 36.8% to 7.8 months

With two more weeks to report for 2010, we are ready for the mental refresher that will arrive with a new year.

As reported by the Minneapolis Area Association of Realtors.


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