Thursday, July 23, 2009

Weekly Market Update from MAAR

As summer progresses, the Twin Cities housing market continues on a well-established pattern of shrinking supply and growing sales. New listings for the week ending July 11 were 1,867—a 13.7 percent decrease over last year but a nice pickup after the annual July 4 slowdown. Pending sales rose to 1,007, a year-over-year increase of 16.6 percent. That's not as much of a year-over-year expansion as the 30-plus percent growth this number has seen recently, but it still represents a trend of growing demand.

Active listings are at 26,279, a decrease of 21.3 percent from this time last year. Coupling this with a shrinking number for Months Supply of Inventory and a flattening of our Average Days on Market, it's apparent that the buyer advantage over sellers is waning, at least in the lower price ranges.

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