It is interesting to see how the inventory levels of homes for sale here in the Twin Cities are still at relative low levels. Currently there are around 22,000 active homes for sale on the MLS, and this is down over 20% year over year.

Last weekend on The Minnesota Real Estate Show, we discussed the “shadow inventory” of bank owned homes that appear to be coming onto the market here in 2010.

How and when this will take place remains to be seen.  Clearly however the number of foreclosures that have hit the MN MLS in recent weeks and months has dropped significantly. This has certainly helped existing homeowners who are competing against these bank owned homes for sale.

Buyers at price points $250,000 and under in many parts of Minneapolis and the Twin Cities area are finding a lack of homes to choose from. This of course is creating multiple offer situations and a buying rush.

Now that the tax credit has been extended for first time home buyers, and also a $6500 tax credit being extended to existing homeowners, I really believe that our local market will continue to see and a slow steady uptick in pending sales and Minneapolis mls listings.

Lastly, a brief congratulations to The Minnesota Real Estate Team. We just found out that we are currently the #3 ranked REMAX team in the United States for 2009 closed sales (through October).

The Minnesota Real Estate Show is now moving to Sundays, 10-11 AM on Twin Cities News Talk, AM 1130. Call in with any and all of your real estate related questions!

This entry was posted on Wednesday, December 9th, 2009 at 11:01 pm and is filed under Minneapolis Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.