Weekly Market Activity Report
In Minnesota, warmer weather typically equates to listing increases. But compared to previous years, the run-up to the 2008 summer selling season in the Twin Cities housing market has been meek. The number of new listings for the week ending May 3 was 16.6 percent behind the same time last year—the ninth consecutive week of decline relative to a year ago. Buyer activity is also slower. Over the last three months, pending sales are hovering around a 16 percent year-over-year decline.
This week's edition of the MAAR Weekly Market Activity Report features updated figures for several important metrics. As the spring season begins, the Average Days on Market Until Sale decreased to 154 while the Percent of Original List Price Received at Sale increased slightly to 91.7. The Housing Affordability Index decreased to 151, due to slight seasonal increases in sales price and interest rates. Finally, the Months Supply of Inventory increased to 10.2 months; a 5- to 6-month supply rate is considered indicative of a balanced market.
Monday, May 12, 2008
Wednesday, May 7, 2008
Market Report for the week of May 5th, 2008
Weekly Market Activity Report
Ring the bell, sound the alarms, shout from the mountaintops: the number of homes for sale in the Twin Cities region as of today is less than the number for sale at this point last year, a new benchmark which marks an encouraging sign that the market is in an early stage of recovery.
This is the first time since MAAR began tracking inventory figures that we have been able to show a year-over-year decline in listing supply. There are currently 32,448 residential properties for sale, a decline of 134 units from this time in 2007. With sellers still holding back on putting their homes on the market (new listings are down 11.4 percent from last year over the last three months), this downward year-over-year trend in inventory should continue into the summer.
This week's edition of the MAAR Weekly Market Activity Report features a new figure for our Supply-Demand Ratio of 7.53, which means there are approximately 7.53 homes on the market for each buyer in May— up 12.9 percent from May 2007 when the figure was 6.67.
Ring the bell, sound the alarms, shout from the mountaintops: the number of homes for sale in the Twin Cities region as of today is less than the number for sale at this point last year, a new benchmark which marks an encouraging sign that the market is in an early stage of recovery.
This is the first time since MAAR began tracking inventory figures that we have been able to show a year-over-year decline in listing supply. There are currently 32,448 residential properties for sale, a decline of 134 units from this time in 2007. With sellers still holding back on putting their homes on the market (new listings are down 11.4 percent from last year over the last three months), this downward year-over-year trend in inventory should continue into the summer.
This week's edition of the MAAR Weekly Market Activity Report features a new figure for our Supply-Demand Ratio of 7.53, which means there are approximately 7.53 homes on the market for each buyer in May— up 12.9 percent from May 2007 when the figure was 6.67.
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