I know no one really wants to hear this, but there are continued signs of stabilization in the Twin Cities real estate market. It does not mean we will come roaring back, but there are many encouraging signs. For example, in this week’s report from the Minneapolis Area Association of Realtors we see the following: (note: all data is compared to one year ago)
- Pending sales are up 28.2%
- New listings are down 12.2%
- Overall active listings are down 16.2% to 26,131 properties for sale
- Days on Market until Sale (pending) has dropped 9% to 150 days
- Percentage of original list price received at sale is UP .6%….we haven’t seen this uptick in months and months
- Months supply of houses is down 23.5% to 5.57 months supply
Here is the link to the full report this week.
