The Twin Cities real estate market continues to show signs of improvement. Much of the activity though is found on the lower end of the market, but it’s still helpful to see all the activity.
Here is the link to the full report from the Minneapolis Area Association of Realtors.
Below are some graphs I pulled out that I thought were most important.
Pending home sales continues to rise sharply! Notice the steepness of the curve. It’s much steeper in 2009 than it was in the previous two years. That’s a good thing.
The active listing inventory is down significantly compared to last year. Notice the very sizeable gap between last year and this year in the upper part of the graphic below. It sure looks like listing inventory has peaked for this cycle.
The percentage of list price received at sale showed an increase recently. That is also a good indicator but it also has a lot of moving parts to it. Yes, buyers might be paying up to buy some of these properties today and given the numbers of foreclosures, that’s possible. (Banks are pricing them more aggressively to get rid of them faster). However, it could also be that sellers have become a little more realistic in what they can get for their homes and agents have gotten better at pricing as well. In any event, the uptick is also a healthy sign.
