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Real Estate activity varies tremendously across our Country. National activity and "averages" as reported on your nightly news do not necessarily reflect the Twin Cities area. The below is a snapshot of OUR market* for the week ending Feb 20, 2010 as reported by the Minneapolis Area Association of REALTORS ® on March 1, 2010. Please call me to discuss in more detail if you would like.
Weekly Market Activity Report
Over the last three weeks, the number of new listings has grown at a stronger pace than we saw in 2009. For the week ending February 20, there were 1,833 new listings, an increase of 17.7 percent from a year ago. The recent uptick is likely a combination of the typical spring increase in activity coupled with the effects of the $6,500 tax credit available to move-up buyers. Consumers who have lived in their current residence for 5 of the last 8 years are eligible to receive the credit when they purchase a home before April 30.
Also for the week ending February 20, pending sales made a 9.9 percent year-over-year jump after staying even with last year for several consecutive weeks.
The Supply-Demand Ratio for March is 5.39, which means there are 5.39 homes available for each buyer. That's 6.9 percent below last year's number and is another indication of dwindling supply.
*Data collected from the Regional Multiple Listing Service, for residential properties in the 13-county region exclusively.
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