This is an incredible report that the Minneapolis Area Association of Realtors produces.  This Housing Supply Outlook has been updated for May 2008.  You can’t see individual cities, but it rolls up incredible detail across the Twin Cities metro from price ranges to types of housing to new construction versus existing housing.

Congratulations to Jeff Allen, Research Manager, for the Minneapolis Area Association of Realtors for putting together such a great report!

Here’s Jeff’s note that he put out to the Realtors:

For a full, detailed look at how changing supply-demand dynamics are affecting various price ranges and property types in our regional housing market, take a look at the May Housing Supply Outlook. You won’t find anything with this much detail on the Twin Cities housing market anywhere else. Highlights:

The entire housing market—in both supply and demand—is seeing a downward shift in activity towards the lower price ranges, likely a result of the increasing market share of foreclosures and short sales. Compared to this time last year, the supply of homes under $150,000 is up 87.2 percent and home sales in that price range are up 49.8 percent. There is far less happening in the middle and upper price brackets.

A much smaller share of condominiums are foreclosures or short sales than the townhouse and single-family detached markets. It’s not a coincidence then that the average sales price and price per square foot of condos is actually holding relatively steady and not seeing dramatic overall value declines.

New construction inventory is still down significantly—21.7 percent behind this time last year, to be exact. The months supply of new construction inventory is only up 2.8 percent in the last year to 11.4 months, compared to a 24.0 percent increase for the previously owned market.

Contact MAAR Research Manager, Jeff Allen, at jeffa@mplsrealtor.com or 952.988.3126 if you have questions or comments about this research tool.