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Monday, June 02, 2008What's the Update with The Minnesota Real Estate Market?
The Twin Cities real estate market continues to stabilize here in the spring of 2008. This past week, we saw 2,002 new listings come onto the market, a decrease of 6.4% compared to 2007 at this same time. 867 properties went pending, a decrease of only 1.4% compared to last year. Currently, there are 32,915 active listings for sale here in the Twin Cities metro area.
The supply demand ratio for June 2008 is 8.23. This means that there are approximately 8.23 homes on the market for every one buyer. This number is up 9.3% compared to this same time last year.
Year to date, our team still has seen an overall increase in buyer and seller activity. We have 248 closings on the books here in 2008, an increase of almost 70% compared to last year.
If you get the chance, check out our various investment property seminars offered this month of June. We feature a Real Estate 101 investing seminar for beginning investors, and also a Real Estate 201 seminar for those with a little more experience. Go to www.InvestmentPropertyGuys.com for more info!!
This past Saturday on our weekly radio show, The Minnesota Real Estate Show, we discussed various strategies to help sellers weather this market. We also discussed the phenomenal market is is for real estate buyers here in Minnesota.
Look for another real estate update next week!
Posted By: Ryan O'Neill @ 6:58:55 PM