The BATC just published their latest Hot Sheet on the state of the Twin Cities housing market.
There are a couple of interesting items to note…on page 2 of the pdf, it shows the trend in median home prices. As of October 2007, the median price in the Twin Cities has fallen to $220,000 down from about $237,000 in June 2006. That’s a 7% drop from the peak.
As noted earlier, the Case Schiller Index was published this past Tuesday and it showed that the Twin Cities was down 4.5% year over year for Q3.
Additionally, the Hot Sheet reports that there are 42,524 finished lots in the Twin Cities. I have contacted the company that provided this data to see if they are using the 7 county or 13 county metro. I ran an MLS report for lots for sale in the 7 county metro and there are only 2,482 listed.
One of the challenges sellers and their real estate agents face is the massive shadow inventory of homes for sale due to all the finished lots. Those are all potential homes for sale but they are not showing up on official inventory counts in the MLS.