Twin Cities home sellers brought 1,478 properties to the market, or 8.7 percent fewer than the same week last year. Buyers signed 1,064 purchase agreements, or 59.8 percent more than last year. That’s the largest year-over-year increase in pending sales since the third week in November 2008, greater than any single week during the 2009 and 2010 tax credits. Pent up demand, anyone?
The number of active listings has seen 22 straight weeks of year-over-year declines and seven weeks of month-to-month declines. It’s currently down 17.2 percent to 24,712. Inventory in 2011 peaked around 26,000 properties, down considerably from a 2007 peak of 36,700.
Slowed listings, falling supply and relatively strong sales have finally begun to draw down absorption rates. Months supply of inventory enjoyed its first decline in a year – suggesting balance lies ahead.
St. Louis Park & Calhoun Area Condo & Townhouse Market Update:
St. Paul near Como Park:
Anoka & Elk River:
To read more about the local market check out The Skinny.