The following market update was released this week by the Minneapolis Area Association of Realtors. It gives some great insight into the overall market for the Twin Cities and surrounding areas.
“With consumer confidence in residential real estate in the doldrums, the Twin Cities housing market is seeing a new downward surge in home sales in recent weeks. For the week ending September 29, new purchase agreements (pending sales) fell from the same week last year by 33.1 percent. This is on the heels of a 26.3 percent drop last week vs. the same week in 2006.
The downward velocity in buyer activity appeared to have bottomed out in the first half of 2007, but August and September have shown further decreases as uncertainties in the mortgage industry have intensified. Keeping a close eye on real estate activity in the weeks ahead will give us an indication of where this road will lead. Thankfully, the decline in seller activity has also accelerated, with new listings down by 15.7 percent for the same time period.”
Don’t forget that fall is approaching and the market naturally slows down at this time of year as well. Each neighborhood is different and yours could be doing quite well. Remember to ask a real estate agent for help on getting an idea on how your home will price if you are looking to sell. You might be presently surprised. It’s not ALL doom and gloom!