MN Realtors Report-Current Twin Cities Actitity
MN Realtors Report for the week of 1/10/2011
Supply of houses in the Twin Cities higher than last year
For the current week reported supply crept up to 7.8 months of inventory vs. 5.7 for the same period 1 year ago. This number means that at the current sales pace it would take almost 8 months to sell the current market inventory. This is a market average, the higher price ranges would exceed 3 years worth of supply in many cases.
Homes in Mn Are Now More Affordable
Affordability has increased again making homes just over 3% more affordable than they were 1 year ago. Continued price declines and the huge supply of Short Sales in Mn have impacted this number. Most likely we will see affordability at record levels most of the year. Prices have virtually zero chances of increasing in 2011 according to most Real Estate Experts. As employment improves look for more buyers to enter the market as 2011 approaches spring.
For the most current Real Estate information in Minnesota visit www.JoeandCindy.com or call 952 943 1324 7 days per week.