(as reported by the Minneapolis Area Association of Realtors)
The annual holiday intermission is near completed for the Twin Cities housing market. As consumers take time to focus on family and friends, new listings and new purchase agreements (pending sales) continued their post-Thanksgiving decline. For the week ending December 23, total listing inventory posted just under 23,000 housing units—its lowest count since February of 2006.
Real estate activity is at a temporary nadir before the onset of the spring market. Early in a new year, buyer activity typically gets a jump start on seller activity. This shift is reflected in our updated Supply-Demand Ratio for January 2007, posting a dramatically lower figure of 7.61. This means that there will be 7.61 homes on the market for every active buyer in the month of January. While this is a large drop from December’s mark of 11.01, it remains a strong 36 percent higher than one year ago.