Twin Cities Real Estate Market Report – Week Ending August 20, 2011

August 30, 2011 By 6 Comments

The latest weekly real estate report from the Minneapolis Area Association of Realtors for the week ending August 20, 2011.

Key takeaways:

  • Buying activity is up 53% compared to last year
  • Inventory of homes for sale is down 20% compared to last year
  • Months supply of homes for sale has dropped to 7.7 months down from last year’s 8.5 month supply
  • Percent of original list price received at time of offer remains flat at 91.7%

Twin Cities Real Estate Report – Week Ending August 20, 2011 – Minneapolis Area Association of Realtors

“For the week ending August 20, Twin Cities home sellers continued to list fewer properties than last year at this time, as new listings were down 11.8 percent to 1,342. That makes for 11 consecutive weeks of (still welcome) declines. Meanwhile, buyer activity was up 53.3 percent over last year, the largest increase in 12 weeks and the 15th consecutive week of double-digit gains.Inventory has been a winner all summer, and we haven’t broken the positive pattern yet. The number of active listings for sale was down 20.0% from 2010 to 24,183 homes. That’s the largest decline since the beginning of 2004 and represents more than 6,000 fewer homes on the market than at this time last year. A flurry of housing and employment reports due out this week could set the stage for the rest of the year. These two economic indicators are more closely tied than ever.”

The Minneapolis Area Association of Realtors has a number of excellent market reports including:

If you’re looking for other information or want something specific to your needs, please don’t hesitate to contact me.

 

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