Here is this week’s Skinny on the Twin Cities real estate market from the Minneapolis Area Association of Realtors;
“The first full week of reporting for the Twin Cities housing market is in
and while there are a few “green shoots,” it’s becoming clear so far
that the market won’t see the same spectacular growth in sales it saw
at the beginning of 2009.
There were 520 pending sales for the week ending January 9, down
1.7 percent from the same week in 2009. That’s the seventh week of
the last nine to see fewer sales than the prior year, a time period that
coincides closely with the initial expiration date of the first-time home
buyer tax credit. However, we’re still 21.2 percent higher than the pace
in 2008 for that period.
As you likely know, the credit’s been expanded to include a $6,500
incentive for buyers who have owned a home for five years of the last
eight. Since we can safely assume that many of these buyers will need
to sell their home first before buying a new one and receiving the
credit, we can look to our new listings numbers to see how much effect
the new credit is having. So far, it doesn’t appear to be much.
Over the last three months, the number of new listings has been 11.7
percent behind the same period one year prior. With many looking for
continued “seedlings” of hope in the local housing market, this isn’t
welcome news. As always, we’ll be keeping a close eye on things and
reporting back what we see.”
-© Minneapolis Area Association of REALTORS®, Inc.-
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