Here is this week’s Skinny on the Twin Cities real estate market from the Minneapolis Area Association of Realtors;
“The number of homes for sale in the Twin Cities metro area continues
to decline relative to a year ago. As of Monday morning this week,
there were 26,674 homes for sale in the region, down 20.9 percent
from a year ago. In other words, we’ve lost 1 in 5 homes in our
inventory in the last year.
Sales are a different story. For the week ending June 20, there were
1,156 signed purchase agreements, up 32.1 percent from the same
week in 2008. That’s the 12th week of the last 13 to feature a yearover-
year increase in sales activity exceeding 20 percent.
We must bear in mind, however, that sales are only up in certain
categories and price ranges. Year to date, traditional home sales
(excluding foreclosures and short sales) are still down 17.8 percent
from last year. New construction sales are down 21.7 percent from last
year. And sales of homes priced above $350,000 are down 26.8
percent from a year ago. The lion’s share of market activity is taking
place in the lower price ranges this year.”
Market Report for the Twin Cities Area
Market Report for White Bear Lake
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