Here is this week’s Skinny on the Twin Cities real estate market from the Minneapolis Area Association of Realtors;
“The post-Thanksgiving bump is in effect for the Twin Cities housing
market. The week ending December 5 saw pending sales swing
upward from the previous week by 152 to settle at 551. This is 7.7
percent less than last year at this time, marking the third week of the
last four to post pending sales numbers lower than a year ago. The
aftermath of the tax credit’s initial expiration date is combining with the
typical holiday slowdown to bring sales down.
Two other important metrics:
Months Supply of Inventory – At 5.7, this is the lowest MSI in more
than two years and a full 32.9 percent below last year. This bodes well
for sellers in general, but the higher price ranges are still buyer’s
markets.
Housing Affordability Index – At 207 and improving, this is welcome
news. This means that the average family income in the Twin Cities
region is 207 percent of what it takes to qualify to purchase the median
priced home.”
-© Minneapolis Area Association of REALTORS®, Inc.-
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