Weekly Twin Cities Real Estate Market Update. Week Ending Oct 1, 2011


Still heading the right direction!  The 30 year fixed rate mortgage dipped below 4% for the first time ever last week which should hopefully improve the market conditions.

For the Week Ending October 1st we saw a continued weaning of inventory with fewer year over year new listings and increased Pending sales.

New Listings  decreased 21.0% to 1,219

Pending Sales increased to 32.7% to 926

Inventory decreased 22.8% to 23,177

The inventory will continue to come down in it’s seasonal pattern, but year over year we are still down.  If you look at the chart below you can see that we are in the range of the 2005 inventory levels.

I am going to stick my neck out on this one and “Call it”.  We have just entered “Balanced Market” territory.  We have now dipped below 7 month supply which puts us on the upper edge of a Balanced Market.   As far as staying in this territory is whole other matter…

In a Balanced Market we should see sale prices holding closer to the asking prices giving us some price stability.  To see prices increase we are going to need demand to kick up a few notches to bring us into the Seller’s Market of 1-4 month supply.  But after the last few years, this is great news.

View Full Report from Minneapolis Area Association of Realtors

 

 




							
Advertisements

Leave a comment

Filed under Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s