Minnesota Real Estate Weekly Update

Let’s take a look and see what is happening in our local real estate marketplace! This past week, the Twin Cities as a whole saw 1,865 new listings being put onto the market. This is down 19.8% compared to last year at the same time.  Pending sales were up by 2.2%, with 820 properties accepting offers.  The total inventory level in the Twin Cities is at 32,968 listings. This is down 5.7% compared to last year at the same time. Average days on market is at 146 right now for Minneapolis and St Paul.

We continue to see a trend here: fewer new listings, more pendings, and a smaller overall inventory level. This is encouraging news for homeowners here in Minnesota.  The market is still far from balanced, but we are definitely in the process of correcting.

Agents on The Minnesota Real Estate Team have found many buyers being in “multiple offer” situations, especially on a number of the REO listings here in the Twin Cities. It continues however to be a great time for buyers to buy!

Sellers who are needing to sell or buyers who need a top real estate agent: please contact us today at 952-223-1150. Our team is on pace to close 500 homes here in 2008. We take pride in helping each and every client the best way we know how.

Look for another Twin Cities real estate update in the coming weeks!

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