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Monday, December 22, 2008Minneapolis Homes and Real Estate Update
Finally! The Thanksgiving ups and downs should be evened out now for a more accurate report of the market! These numbers are based on the week of December 15th and it’s definitely going to be a slow week! As everyone is preparing for the holidays, real estate really slows down for a few weeks as everyone is spending quality family time, shopping, etc. However, when comparing the numbers to last year at this time, the market is getting better!
Here are some numbers for those of you who like them. New listings coming onto the market have remained about the same at 1,364 with only a 0.7% increase. Total houses on the market in the Twin Cities 13-County area currently are 27,035. This is an 8.2% decrease over last year which showed 29,444 active listings in 2007. Pending sales continue to rise and in the last week they went up 27.6% over last years numbers, going from 468 to 597! After the New Year, we should see this number rising up towards 1,000 pending listings by May. As far as days on market until sale, the overall average right now is 149 days. This is only a small increase over last year at this time which was 148 days! However, from 2006 to 2007 there was a pretty big jump, going from 132 days to the 148, which is a 12.4% increase. We’ll see where that number goes from here when we get into the Spring season when houses are generally on the market the longest.
Supply and Demand for real estate has gone from 14.38 houses per buyer in December 2007 to 12.06 houses per buyer in December 2008. That’s a 16.1% drop over 2007 and very promising! December of 2006 showed 10.02 houses per buyer and hopefully we will be slowly approaching that number and passing it where the numbers are more even in the future.
