Real Estate Weekly Update
June 6, 2011
Buyer activity in the Twin Cities metro area increased a colossal 59.2 percent over last year, the strongest year-over-year gain since the week ending October 3, 2009. That’s a win any way you look at it, especially after 52 of the past 53 weeks showed year-over-year declines in buyer activity.
The post-tax credit drop-off seen at this time last year is driving this shift while current purchase levels have been on a modest but steady seasonal uptick. So far, sales levels are on track with 2007 and 2008 trends.
On the seller side, 1,523 new listings were introduced, or 3.3 percent more than the same week in 2010. Overall, we’ve seen four consecutive weeks of gains in listing activity and three consecutive weeks of gains in buyer activity.
Inventory levels are preparing to round off their seasonal peaks. The 23,920 Active Listings for Sale are currently 10.6 percent below year-ago levels. That marks the 17th consecutive week of declines, a phenomenon not seen since spring 2010.
As reported by the Minneapolis Area Association of Realtors.