Buyer activity was down only 2.3 percent compared to the same week in 2008. It’s still vastly lower than last year, but that is due to the elevated activity from the incentives.

The gap between this year’s and last year’s Active Listings for Sale has been growing for 10 straight weeks. There is also a pattern with year-over-year inventory levels, which are down 14.7 percent from 2010, 12.3 percent from 2009 and 28.3 percent from 2008. Those shopping for a home now have 22,869 options or about 27 active listings per purchase agreement signed for the week.

Competition is high, but when buyers find the home they want, they are willing to act fast, and inventory IS moving. More information on the current market: The Skinny.

Edina Condo Market Update
There are 138 active condos on the market in Edina today. There were 7 new listings, 2 pending homes and 4 sold this past week. 

St. Louis Park Condo & Townhouse Market Update
There are 134 active condos and townhomes on the market today. There were 9 new listings, 2 pending homes (one vacant,t he other bank owned), and 8 sold.