Minnesota Real Estate Weekly Update

More good news for the local Twin Cities real estate market. The current number of homes for sale, 32,448, is less than the number that was for sale at this same time last year. We are down 0.4% compared to last year in total number of active listings. Pending sales dropped this past week to 804. This unfortunately is a 14.6% drop compared to the same time in 2007. This past week saw 2,155 new listings come onto the market, also a drop of 14.2% compared to last year.

Overall, these numbers do seem encouraging. We are seeing less homes being put onto the market, and slowly but surely, our existing inventory will continue to shrink.

Our team, The Minnesota Real Estate Team, continues to see an increase for both buyer and seller activity. Year to date, the team has 209 closings on the books for 2008. We are seeing a large number of investor buyers as well as first time home buyers looking to get into homeownership. We also have helped a number of sellers who have needed to short sale their home.

Please call us today at 952-223-1150 for any and all of your real estate questions. We are the #1 real estate team in Minnesota...here to help you with all of your real estate needs. Have a great day.