More good news on the Twin Cities Real Estate Market. MAAR’s Weekly Update is still showing a trend of declining new listings and sales holding strong.
-7.8% Change in New Listings, +43.3% Change in Pending Sales, -20.6% Change in Inventory.
We are burning up inventory, if sales pick up to more normal levels we could be looking at an inventory shortage. (okay – probably a leap, but we are down to 2005/2006 inventory levels when we had a 3 to 4 month supply of homes because of the pace of sales..)
We are now up to 14 consecutive weeks of accelerating inventory attrition. Let’s go out on a limb and call this a pattern. For the current period, the number of active listings was down 20.6 percent to 24,047 properties. That’s the largest inventory decline in nearly eight years. The metric is now back around first-quarter 2006 levels.It’s plain to see what’s driving these declines. Sales are up and listings are down, allowing buyers to absorb the active supply of homes. Buyer activity was up 43.3 percent to 957 purchase agreements signed. While those 957 contracts are reminiscent of 2007, 2008 and even 2009 purchase levels, they far exceed the 2010 summer slowdown. We have now reached 16 consecutive weeks of double-digit gains in buyer activity. Once again, it feels safe to call that a trend.
- Twin Cities Weekly Market Update (week ending Aug 20, 2011) (craigkamman.wordpress.com)
- Twin Cities Real Estate Market Report – Week Ending August 20, 2011 (johnmurphyreports.com)
- Twin Cities doesn’t have a housing inventory problem, we have a jobs problem. (craigkamman.wordpress.com)
- Twin Cities Weekly Market Update (week of August 15th 2011) (craigkamman.wordpress.com)