Minneapolis Real Estate Update

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.

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