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Real Estate activity varies tremendously across our Country. National activity and "averages" as reported on your nightly news do not necessarily reflect the Twin Cities area. The below is a snapshot of OUR market* for the week ending July 17, 2010 as reported by the Minneapolis Area Association of REALTORS ® on July 26, 2010. Please call me to discuss in more detail if you would like.
Weekly Market Activity Report
It’s been almost 3 months since the expiration of the federal home buyer tax credit and the market appears to have settled into something of a rhythm. With the dust settling, pending sales have become mostly fixed in the 500-to-600 per week range for the past 9 weeks.
While the dramatic drop from a year ago is certainly not positive, demand is at least holding relatively steady for the time being. The 626 purchase agreements signed for the week ending July 17 were 39.7 percent behind a year ago.
For the same reporting week there were 1,618 new listings in the Twin Cities, down 10.0 percent from a year ago. Inventory is rising due to slower demand. The 27,350 homes currently available for sale represent an increase of 4.8 percent from last year.
*Data collected from the Regional Multiple Listing Service, for residential properties in the 13-county region exclusively.
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