Weekly Real Estate Market Update: September 19, 2011

Last week’s real estate market update is in, for week ending September 10, 2011.  We are continuing to show the positive trend of increased sales and less inventory.  This is now 14 consecutive weeks of year-over-year declines in new listings.  This is also 30 consecutive weeks of Inventory declines. Pending Sales are also up for 18 consecutive weeks year-over-year increase.

Here is this reports figures:

New Listings:  -21.2%       Pending Sales:  +53%       Inventory:   -21.2%

Our inventory is now at 23,481.  We are at about 2005 levels of inventory, if this trend continues we could be seeing 2004 inventory levels soon, okay I am getting ahead of myself.  We are still awaiting the outcome of the foreclosure log jam begins let loose and how that might impact our market here.  I am sticking with my speculation that we have already cleared a lot of those loans in our area with Short Sales, but time will tell. 

Can you imagine what this might look like if we had low unemployment levels?  I imagine we would be seeing a healthy real estate market again.

Read Full Weekly Report from Minneapolis Area Association of Realtors


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