A Snapshot of the Minneapolis Housing Market

The Minneapolis Association of Realtors has reported the following:

Bringing our market back to balance involves a two-step process: supply needs to draw down, demand needs to bounce back up. It’s as simple as that. So far, 2008 is proving to be the year that we can confidently check the first item off this list, as the number of homes for sale continues to dwindle relative to one year ago. There are currently 33,219 homes for sale in the Twin Cities region, down a hearty 4.9 percent from one year ago, a year-over-year figure which should continue to drop in the months ahead. New listings for the week ending June 7 were down 13.9 percent from a year ago, while pending sales declined by a smaller 5.3 percent for the same time period comparison.

All in all, we’re halfway there: supply is coming down, but demand is only flattening, not coming back up just yet. Regardless, the signs are encouraging.”

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One Comment

  1. MN Real Estate Dude June 19, 2008 at 4:37 pm - Reply

    Its always a good see the inventory going down. Hopefully people aren’t waiting out the bottom, only to pour their homes back on the market as soon as light has been been spotted. Never the less, it appears the sub-prime inventory is slowing down…

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