Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
May 2, 2011

For the week ending April 23, New Listings in the Twin Cities were down 30.7 percent from the same week last year. A total of 1,487 new homes entered the marketplace, representing 16 consecutive weeks of double-digit year-over-year declines for New Listings.

Pending Sales were down 25.2 percent to 886 purchase agreements signed, representing 10 consecutive weeks of double-digit year-over-year declines in Pending Sales.

Inventory levels dipped briefly at this time last year, which helped to end 11 consecutive weeks of progressively growing year-over-year inventory declines. At 22,917 Active Listings for Sale, there are 13.0 percent fewer homes for sale than at this time last year.

As last year’s tax credit-induced spike in market activity migrates through our lens, the story should change significantly. In the coming weeks, the numbers will show gains
over the post-tax-credit period instead of the year-over-year declines to which we’ve
grown accustomed.

Statistics provided by the Minneapolis Area Association of Realtors.

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