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Posts Tagged ‘real estate update’

Weekly Market Activity Report

The post-tax credit malaise continues as the Twin Cities housing market comes to grips with the new normal. Pending Sales for the week ending June 26 were down 47.6 percent versus 2009 numbers—from 1,121 a year ago to 587 now. New Listings are also down from a year ago, though not to the same extreme as Pending Sales, only dropping 6.5 percent from a year ago.

With demand weakening faster than new supply, the inventory of available homes is starting to grow. The current count of 27,526 homes is 3.2 percent higher than at this time last year.

The slight growth in total inventory is happening in the face of dropping demand, which means that the balance between buyers and sellers is shifting back in the buyer’s favor. This is reflected in July’s Supply Demand Ratio of 7.44, which was a ginormous 46.9 percent over last July and means that there are 7.44 homes available for each buyer during the month of July.

As reported by the Minneapolis Area Association of Realtors

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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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