Weekly Minneapolis Real Estate Update July 24
The market has been witnessing record seller listings and lower buyer demand for the Twin Cities. The last week showed an 19% increase of seller listings, but a 23% decrease in pending home sales (compared to statistics this same week in 2005). There are approximately 31,500 single family homes for sale in the Minneapolis Metro area. With Fall rapidly approaching, sellers will slow the pace for listing homes as it is usually more difficult to sell a home during the winter months. Buyers as well will continue to slow the purchase rate until spring time. However buyer’s should understand that purchasing a home in the winter months could be a great deal, as sellers are more likely to lower their price, negotiate closing costs, and offer larger concessions.