It’s that’s time again! Let’s take a look at the real estate activity here in the Twin Cities. For the week ending July 26th, there were 1,816 new listings put onto the MLS. This is down 16.5% compared to last year at this exact same time.  831 properties went pending, an increase of 5.1% compared to last year.  And currently there are 32,978 active listings for sale in the Twin Cities.  This too is down 5.5% compared to last year.

The average market time for a property here in the Twin Cities is now at 147 days. There are currently 8.68 houses on the market for every one buyer. This number is down from 9.06 homes per buyer last year.

Overall, this is great news for the Twin Cities real estate market. We are shifting from such an oversupply of homes on the market…and more buyers are now purchasing!  Especially with the recent 2008 housing bill that was passed. We should see an uptick in activity with buyers now having the opportunity to receive a $7500 tax credit.

The Minnesota Real Estate Team continues to see an increase level of buyer activity here in 2008. Year to date, our team is the #10 REMAX Team in the entire United States, with almost 350 properties “on the books” to close this year.  We are also the only Minnesota team in the Top 50.  If you are a seller needing results, an investor looking to “get in the game,” a first time or move up buyer….give us a call today at 952-223-1150. Our team takes pride in helping clients at his or her own pace.

Look for another real estate market update next week!

This entry was posted on Monday, August 4th, 2008 at 3:52 pm and is filed under Minneapolis Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.