New listings last week were down 9.1 percent to 1,572 new properties for the same week in 2010. Increased sales activity in conjunction with stable or falling listing activity should be met with continued market correction, including faster absorption rates, quicker market times and fewer seller concessions. Good news is that pending sales have continued increasing and there were 901 contracts agreed upon last week throughout the Metro area. Pending sales all around have improved in numbers, but it is still taking sellers an average of 148 days on the market to get their homes sold at 91.2% of original list price. Housing affordability continues to be at an all-time high, which continues introducing many new buyers into the marketplace.
Single Family Homes near Rice Lake in Maple Grove: There are 30 active homes on the market today. There were 2 new listings, no pending homes and no sold homes for a second week in a row!
Click on the “Skinny” video below to watch the latest update on the Market in the Twin Cities:
There are 176 active homes on the market today (you’re going to see a lot of N Minneapolis in the very lows and some Golden Valleys in the higher ranges). There were 4 new listings, yours included, and yours is the only one with a virtual tour. 7 went pending and 6 sold this past week.