Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
February 21, 2011

For the week ending February 12, there were 710 signed purchase agreements, a meager drop of 0.1 percent from the same week last year. Although we fully expect to be down in year-over-year comparisons for the next three months due to last year’s tax credit incentive, this is still interesting because it marks the first time we’ve had more than 700 Pending Sales since May 2010. Think about that. More sales activity in mid-February 2011 than mid-June 2010.

Similar to the week prior, there were 1,324 New Listings for the week, representing a decline of 24.9 percent from a year ago. Active Listings increased slightly from the week before to 21,553, just a 3.2 percent decline from last year.

How much of this week’s reported pending sales can be attributed to unseasonably warm weather? Looking at 15-plus inches of fresh snowfall today, we’re certain to find out in a couple of weeks.

As reported by the Minneapolis Area Association of Realtors.



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