Minnesota Real Estate Weekly Update

The Twin Cities 13 county metro area saw 2,152 new residential listings put on the market last week. This is a 3.1% drop from 2006. 635 listings went pending, a drop of over 15% from 2006. Overall, the Twin Cities has 34,675 residential listings on the market. At this same time in 2006, there were 31,556.

Lastly, the supply demand ratio is at a whopping 10.39. This ratio is calcuated by comparing the number of homes for sale at the beginning of the month with the total number of pending sales for the month. Obviously, the higher the number, the more supply there is relative to demand. For comparison sake, in September of 2005, the supply demand ratio was 4.67.

Inventory levels remain at all time highs, and sellers are being forced to be ever more conscious of price and condition. In spite of this market, our team, The Minnesota Real Estate Team, continues to move properties. Call us today at 952-223-1150 to learn how we can help you buy or sell in this marketplace.

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

The market remains bleak here in the Twin Cities for home sellers. There were only 500 new purchase agreements signed this past week, the lowest number since the beginning of 2007. 2300 new listings went on the market this past week, with overall inventory levels remaining at 44,000 actives in the 13 county Twin Cities area.

Currently, there are 10.39 listings for every one buyer in the Twin Cities. For comparison sake, in September 2005, there were 4.67 listings for every one buyer.

Lastly, there are 9.9 months supply of inventory on the market. This means, if no new properties came onto the market, it would take 9.9 months to sell through the existing inventory. In September of 2006, the supply was at 7.6 months.

Look for another real estate update next week!

Housing market continues slump in August

Minneapolis / St. Paul Business Journal - 12:19 PM CDT Wednesday, September 12, 2007
by Carissa Wyant
Staff Writer

Twin Cities home sales continued to lag in August, according to a new study released Wednesday by the Minneapolis Association of Realtors.

Closed home sales for the month were 4,173, down 17.8 percent from August 2006 when there were 5,079. The area had 4,522 closed home sales in July 2007.

For August, median sales price for closed home sales in the metro declined 2.1 percent. The average sales price is currently $230,000 compared to $235,000 in August 2006.

New listings decreased as well. There were 9,278 new listings added in August, a 7.9 percent drop from the 10,071 new listings added during August 2006.

The study also showed that pending home sales fell 18.1 percent from one year ago, when 4,684 pending sales were recorded. There were 3,834 pending sales reported for August of 2007.

Minnesota Real Estate Weekly Update

The market continues to remain extremely trying for sellers here in the Twin Cities. Last week, 1650 new listings came on the market with 600 going pending. Overall inventory still remains at the 44,000 active listing mark in the 13 county Twin Cities metro area. Pending sales dropped 22.5 % from this same time last year.

You might ask, what if anything is selling? Properties that are priced correctly continue to move in this market, however, the overpriced listings continue to sit, and sit, and sit.

Working with a real estate team that knows how to price your property correctly and advertise the home are crucial in this market. Again, our team, The Minnesota Real Estate Team has sold 245 properties here in 2007. We are the #1 RE/MAX team in Minnesota in 2007, and the only Minnesota RE/MAX team in the Top 100 RE/MAX teams in the US. Currently, we are #61 in the country (through the end of July.) Our marketing systems bring results for our sellers. Call us today at 952-223-1150 to find out how we can help you get your property sold!

Look for another real estate update next week!

Minnesota Real Estate Weekly Update

The Twin Cities saw 2200 new listings come on the market this past week, with 600 listings going pending. Inventory levels continue to hover at the 44,000 active listing mark. Currently the supply demand ration is at 10.39. This means there are 10.39 active listings per every buyer. The supply demand ratio is calculated by comparing the number of homes for sale at the beginning of each month with the total number of pending sales for the month. In September 2005, this ratio was 4.67. In September 2006, it was 8.32.

Look for another real estate update next week from The Minnesota Real Estate Team!