The buying party continued for the week ending January 14, as there were 731
pending sales in the Twin Cities—up 17.1 percent. Over the last three months,
there have been almost 1,200 more pending sales than there were last year.
During this time period, 60.3 percent of sales were lender-mediated foreclosures
or short sales.
Increased sales means increased absorption of inventory
means less houses for sale. There are approximately 4,000 fewer houses for sale
right now than there were at this time last year, a drop of nearly 14 percent.
New listings remain sluggish as well. The most recent reporting week saw a 9.5
percent year-over-year decline.
This except was from “The Skinny” put out by the Minneapolis Association of Realtors, see copy of Weekly Market Activity Report for the week of February 23, 2009
Is this the sign of a Minneapolis / St. Paul / Twin Cities Housing Rally? Although many of the sales today are Bank Owned / Bank Mediated (short-sale) listings, the fact that the amount of inventory is decreasing could be a good sign. The 3-month total of Pending sales in the Twin Cities is up 19.9% than the same period a year ago! Data from the MLS – Regional Multiple Listing Service shows a 12-month average of 151 days on the market for a home to sell (6.7% more than a year ago of an average of 141 days). There are 8.4 homes available per buyer, down from 9.45 a year prior. What does this mean for a home, condo, townhouse or investment property buyer in the Twin Cities / Minneapolis & St. Paul area – A FABULOUS DEAL! “I have helped a ton of buyers get a ‘deal of a lifetime’ in the last couple of months”…”It’s now affordable for both first-time buyers and Investors to purchase real estate…my investors can now CASH FLOW on deals I’m finding for them.” States John Schuster a broker with Coldwell Banker Burnet in Minneapolis, MN & www.MNForeclosureProperties.com
