Real Estate Weekly Update
September 26, 2011
With the Labor Day slowdown in the mix for the current round of numbers, new listings were down 21.2 percent compared to the 12.9 percent average decline over the past three months. At 1,248 new homes, that now marks 14 consecutive weeks of year-over-year declines in new listings. Inventory levels were also down 21.2 percent to 23,481 active listings, marking 30 consecutive week of declines.
Conversely, buyer activity was up 53.0 percent over the same week last year. That’s a fairly hefty increase, but we can’t call it a one-week anomaly because the three-month average shows an impressive 41.7 percent average increase over the equivalent three months in 2010. The 823 purchase agreements mark 18 consecutive weeks of year-over-year increases in pending sales.
The Percent of Original List Price Received and Months Supply of Inventory metrics suggest a slowly changing landscape for sellers although they are still entrenched in buyer-favorable territory for the time being.
As reported by the Minneapolis Area Association of Realtors.