Should I Stay or Should I Go?

Twin Cities home owners continue to make the choice to stay rather than sell and they did so in a big way in the week ending May 31st with only 1,752 new listings for the week, down 23% versus the same week one year ago (2,274)! This is the largest year to year decrease in 2 months and the lightest late spring week that the Twin Cities real estate market has seen for new listings since 2004! The total number of homes on the market (33,233) is down 4.1% versus last year (34,661) in a trend that was unprecedented for the spring market until a few weeks ago, but is now gaining momentum as we have seen the total number of listings versus 2007 decrease every week since late April, and the decreases are getting larger every week. Buyers seem to be feeling the squeeze as the number of purchase agreements written for the week (798) was 4.9% higher than the same week last year (761) and the average percent of list price received by Twin Cities sellers increased almost a full percentage point to 92.6, higher than we have seen since last October. The supply/demand ratio continues to hover in the mid sevens at 7.53, a balanced market would have a supply/demand ratio around 5. If we continue to see home owners choose to stay, while buyer activity continues to increase The Twin Cities may see a corrected market much sooner than anyone had predicted.

Market Report for Minneapolis

Market Report for St. Paul

Market Report for Roseville

Market Report for Maplewood

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