Another Monday and another good report from Minneapolis Area Association of Realtors Weekly Market Update. This report from the Twin Cities MLS shows us we are heading in the right direction.
Change in New Listings: -4.8% Change in Pending Sales: +47.7% Change in Inventory: – 22.6%
In a nut shell, we have fewer year over year new listings coming to the market, large increase in sales bringing our inventory down substantially year over year. Supply & Demand beginning to balance out.
Below is a chart from the report on our Supply of homes for sale. We are down to 23,351 homes for sale, down 22.6% from a year ago when we had 30,178 homes for sale. As we head into the winter months I suspect we will see our inventory adjust downwards potentially below 20,000. As the spring market starts kicking in mid January we will see the inventory climb back up. (good time to put your home up for sale, when there is less competition.) This of course is my speculation and time will tell…
We are on track for price stabilization, first the sellers will get much closer to their asking price of which I think we are beginning to see signs of that. It is too early to call at this point, but I will monitor this and see if we get a trend starting. Unfortunately, this weekly update is showing a median sale price decrease by -11.4%. Keep in mind, this is “Median”, not home values all declined by that amount. This is more of indication on the price ranges that are selling…
- Twin Cities Real Estate Market Update for Week of August 22, 2011 (johnmurphyreports.com)
- Monthly Skinny: August 2011 (twin cities real estate market update) (craigkamman.wordpress.com)
- Twin Cities Weekly Market Update (week ending Aug 20, 2011) (craigkamman.wordpress.com)