More Good News In the Twin Cities Real Estate Market

More good news for the Twin Cities from MAAR, the week ending May 16th new listing were down a little over 10% from the same week last year. Will the decline in new listing continue?

In 2008, 50% of the listings sold were between April and August. So buyers get out there and sellers get ready. MAAR is reporting that “Inventory is being sold through at a rate that is still flying high above last year’s numbers”. Pending sales for the week is 36% up over the same week last year. As you probably guessed most of the sales were lender-mediated properties.

So with the decline in new listing and an increase in pending sales brings the supply demand ratio down to 5 homes per buyer…yippee! Okay we are done with the jumping up and down. This good news needs to be tempered as this movement is just starting, let’s see what the next few weeks will bring now that we are beginning our summer season.