Minnesota Real Estate Update

It’s that time again!  Let’s take a look at some market statistics here for real estate activity here in Minneapolis.

For the week ending October 25th, there were 1,558 new listings put onto the MLS. This is down 2% compared to last year at the exact same time.  There were 602 pendings, or properties that received accepted offers. This is up 17.1% compared to last year. And overall inventory levels are at 30,343. This is down 9.2% compared to last year at this time.

Overall, these are certainly good numbers for our local real estate market. With less homes coming on the market each week, and more homes moving towards a pending status, things are balancing out.  We are still in a very strong buyer’s market with over 30,000 homes on the MLS here in the Twin Cities, but it is slowly but surely improving.

On a quick sidenote, our team was very excited to learn we made the Wall Street Journals Top 200 Real Estate Professionals for 2007. We were the only team from any company in Minnesota to make this list.  What the WSJ does, is rank the Top 50 teams and inviduals by total volume as well as total number of closed transactions. We made the Top 50 for number of transactions closed.

As always, please feel free to email or call us at 952-223-1150. The Minnesota Real Estate Team is here to help with all of your real estate needs!

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