We are now up to 14 consecutive weeks of accelerating inventory attrition. Let’s go out on a limb and call this a pattern. For the current period, the number of active listings was down 20.6 percent to 24,047 properties. That’s the largest inventory decline in nearly eight years. The metric is now back around first-quarter 2006 levels.
It’s plain to see what’s driving these declines. Sales are up and listings are down, allowing buyers to absorb the active supply of homes. Buyer activity was up 43.3 percent to 957 purchase agreements signed. We have now reached 16 consecutive weeks of double-digit gains in buyer activity.
These undercurrents are flowing into other metrics, such as months supply and measures of seller concessions. Months supply of inventory was down to 7.7 months, the first year-over-year decline since June 2010. On average, sellers are receiving more of their asking price. Augusts’ monthly figures, due to be released next Tuesday, should show a continuation pattern of the trends reported for July.
Buffalo Market Update:
There are 101 active homes on the market today. There were 8 new listings, 2 pending and 8 sold this past week.
Coon Rapids Townhouse Market Update:
There are 105 active townhouses on the market today. There were 3 new listings, 5 pending homes, and 0 sold this past week.
Crystal Market:
There are 58 ACTIVE LISTINGS. There were 2 NEW LISTING last week. There were 2 PENDING LISTINGS. There were 3 SOLD LISTINGS.
Mounds View Market:
There are 26 ACTIVE LISTINGS in a 1 mile radius. There was 1 NEW LISTING last week. There was 1 PENDING LISTING. There was 1 SOLD LISTING.
Elk River Market:
There are 330 ACTIVE LISTINGS. There were 20 NEW LISTINGS last week. There were 10 PENDING LISTINGS. There were 9 SOLD LISTINGS.
To read more about the local market check out The Skinny.
