Real Estate Overview

Housing Supply Overview
October 2011

What’s driving home purchases nowadays? Record low mortgage rates,
affordable prices and plenty of options to choose from. For the
12-month period spanning November 2010 through October 2011,
Pending Sales in the Twin Cities region were up 8.5 percent overall. The
price range with the largest gain in sales was the $120,000 and under
range, where they increased 50.0 percent.

The overall Median Sales Price was down 8.9 percent to $154,900. The
property type with the smallest price decline was the Single-Family
segment, where prices decreased 8.1 percent to $170,000. The price
range that tended to sell the quickest was the $190,001 to $250,000 range
at 138 days; the price range that tended to sell the slowest was the
$1,000,001 and above range at 253 days.

Market-wide, inventory levels were down 22.4 percent. The property type
that lost the least inventory was the Single-Family segment, where it
decreased 19.5 percent. That amounts to 6.3 months supply for Single-
Family homes and 5.2 months supply for Townhomes and Twinhomes.

Click on graph to enlarge.


As reported by the Minneapolis Area Association of Realtors
.

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Minneapolis—St. Paul Real Estate Market: June 28, 2010

Weekly Market Activity Report

June 28, 2010

The Twin Cities housing market continues to adjust to a world without a fancy tax credit. Pending sales leveled off following the slight gains seen the prior week, squatting at 645 signed contracts for the week ending June 19.

While that’s steady compared to last week, it’s anemic compared to last year at this time when the market posted 1,156 signed contracts. If you’re keeping track of percentages, that means we’re down 44.2 percent from a year ago—the sixth consecutive week of year-over-year declines exceeding 30 percent.

New listings are also down from a year ago, posting a drop of 8.4 percent from a year ago to 1,712 for the most recent reporting week. Any sort of “return to normalcy” is going to take some time.

As reported by the Minneapolis Area Association of Realtors

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Minneapolis—St. Paul Real Estate Market: June 21, 2010

Weekly Market Activity Report

June 21, 2010

Pending sales in the Twin Cities housing market trended up for the first time in four weeks but remain substantially below 2009. For the week ending June 12 there were 674 signed purchase agreements, up from the mark of 527 the prior week but down dramatically from the mark of 1,210 seen during the same week a year ago.

This may be a sign that the drastic drops in sales seen in May and early June were simply temporary aftershock reactions to the tax-credit build up and that demand will slowly return over the course of the summer, but it’s far too early to say that with any certainty. We’ll be keeping a close eye on the numbers each week.

New listings moved upward for the same reporting week to 1,729, but remain 12.2 percent behind last year at this time. However, inventory has slowly climbed due to the decline in pending sales, currently sitting at 26,990 active listings, an increase of 1.1 percent from a year ago.

As reported by the Minneapolis Area Association of Realtors