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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