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Monday, September 29, 2008Minneapolis Real Estate Update
Let's take a quick look at real estate market numbers for Minneapolis and the Twin Cities as a whole.
For the week ending September 20th, there were 5.2% less listings put on the MLS compared to the previous year. Pending sales rose by 42.8%, with 781 properties receiving newly signed purchase agreements. The overall inventory level dropped to 31,384 listings (down 7.8%) compared to the previous year.
Average market time for a property in the Twin Cities is at 143 days.
This again is good news for the Minneapolis real estate market! With less new homes put up for sale, more homes pending, and the overall inventory shrinking, we are slowly but surely moving back to a balanced market!
Call The Minnesota Real Estate Team today at 952-649-1456 to find out how we can help out with you next buying or selling experience!
The team is on pace to close over 500 transactions here in 2008. Don't believe all the hype that nothing is selling in our market. The market has shifted. But there certainly is alot of activity nonetheless.
Posted By: Ryan O'Neill @ 3:32:14 PM