Tuesday, September 16, 2014

Weekly Market Update: September 15, 2014

The trend here in Minnesota, and nationwide, is one of normalization and market recovery.  According to the Minneapolis Area Association of Realtors (MAAR) price growth seems to be approaching normal historical levels.  Our Minnesota economy is holding at 4.0 percent unemployment, one of the best in the nation.  Total inventory is creeping back up which means you may have multiple offers on your house but buyers don't have to compete quite so hard to win.  And there is a marked decrease in foreclosure and short sale activity.

In the short term, we may see some year over year metrics declining, but the long term trend is still higher.  You've heard it before, slow and steady wins the race.

Last week in the Twin Cities metro region:

  • New Listings increased 9%
  • Pending Sales increased 1.4%
  • Inventory increased 9.7%
Source:  Michelle Schwake for Stafford Family Realtors, statistics provided by MAAR

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