Minnesota Housing Market Update
The Minneapolis Area Association of Realtors reported some key findings for the week of August 2, 2010. Some of the categories looked at are Homes on the Market, Pending Homes in the Minneapolis – St Paul and surrounding suburbs, and Housing affordability.
Minnesota (Minneapolis -St. Paul metro) Stats
- Supply- The supply for the week of August 2nd rose 3.6% from the same period in 2009 to a total of 27,661 homes for sale
- Pending Listings – Pending sales dropped 37% over the same period in 2009
- Supply/Demand ratio – The supply demand ratio rose to approximately 7 homes to every 1 buyer from about 5 homes to every 1 buyer in 2009
The key findings here are simply the state of market stability is still up in the air at this point. The numbers are bouncing around overall, even though pricing looks slightly better from last year. The desired results for the remainder of 2010 would be a leveling off of rising inventory and some increased buyer traffic in the fall months. As we see decent activity in the relocation sector we are cautiously optimistic!