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The end of September is already here, with Fall and cooler temperatures surely in the air. However, our local real estate market is still seeing a high level of buying activity.

For the week ending September 20th, there were 1,788 new listings put onto the MLS. This is down 5.2% from 2007 at this exact same time. Pending sales rose 42.8%, with 781 properties receiving an accepted purchase agreement.  The overall inventory level is at 31,384 listings, a 7.8% drop from 2007.

This certainly is very good news indeed for our Twin Cities real estate market. Over the last couple of months, we have consistently seen a decrease in new listings put on the market, a rise in pending sales, and the overall inventory shrinking.

We certainly are no where near a balanced market, however things certainly are moving in the right direction.

As a team, we have seen a large number of buyers taking advantage of this local market.  The team is on pace to close 500 transactions here in 2008 alone!

Call us today at 952-223-1150 to learn how The Minnesota Real Estate Team can help you with your next real estate purchase or sale!

As we move towards the middle of September, I wanted to take a look at some market statistics for the Twin Cities.  For the real estate week ending August 30th, there were 1,589 new listings that went onto the market. This is down 4.2% from last year at this exact same time. Pending sales increased by 51.3%, wth 965 properties accepting a purchase agreement. Total active listings for sale is at 31,624. This is down 8.6% from last year at the same time.

Currently, the average market time for a home in the Twin Cities metro area is 143 days. The supply demand ratio is at 9.29. This supply demand ratio is determined by comparing the number of homes for sale at the beginning of each month with the total number of pending sales for the month.  For comparison sake, the supply demand ratio was 12.26 in September of 2007.

In conclusion, things are most assuredly “looking up” for our local real estate market. With less new listings going on the market, an increase in weekly year over year pending sales, and overall inventory shrinking, our market is moving slowly but surely in the right direction.