Housing Update – Twin Cities 5.31.11

Hey everyone! In our commitment to keep you updated on the housing market in Minneapolis and the West Metro, here is this week’s update:

General Market
New listings have come back in line with historical norms for this time of year. Sellers brought 1,704 new homes online, or 7.7 percent more than the same time in 2010. Again, 2011 activity has been fairly stable over the past month. The 23,739 Active Listings for Sale have grown slightly over the course of the year, but remain 10.1 percent under 2010 inventory levels or about 2,700 units slimmer. Homes were on the market an average of 152 days in April 2011, getting about 90.1% of original list price at the closing table. It is projected there will be about 5.88 houses per buyer, so less than this time a year ago. This still equates to about 8.2 months’ of inventory on the market today – about 11% more than usual.

St. Louis Park (near the Lennox Neighborhood)

There are 69 active homes on the market today. There were 4 new listings this past seven days. There were 5 pending homes – a couple of them 4 bed 2 baths. 5 homes sold this past week.

St. Louis Park Condos & Townhomes

There are 124 active condos and townhomes on the market today. There were 6 new listings, 7 pending homes, and 4 sold homes.

Edina Condos

There are 127 active condos on the market in Edina today. There were 5 new listings, 5 pending homes and 1 sold this past week.

Maple Grove (near Rice Lake)

There are 26 active homes on the market today. There was 4 new listings, 1 pending home and 1 sold home this past week.

That’s all for this week! Check in later this week for more housing information.