Monday, August 25, 2008

Real Estate Market Up 33%

Weekly Market Activity Report - from the Minneapolis Area Association of Realtors

If you're looking for some insight into just how sluggish the second half of 2007's home sales were, look no further then the year-over-year comparisons with the sales from this year. For the week ending August 16, 2008, there were a whopping 33.0 percent more pending sales than the same week last year—an increase of more than 200 units. This extremely strong showing is due to a combination of legitimately robust current demand and the uncharacteristically steep downward dive sales took last year after the credit markets began to constrict in August 2007. This week's figures are more in line with the equivalent (pre-credit crunch) time period in 2006—just 2.5 percent off that pace.
As for housing supply, the number of new listings on the market receded by 18.4 percent for the same time period comparison, and the total number of active properties for sale is currently 7.1 percent lower than at the same point last year.

We've now seen 2 weeks of incredible increases in Real Estate Sales over last year's same period. Another 4 to 6 weeks of gains may be the true sign that we are leaving the bottom of the market and heading towards a period of increase. If you're buying, buy very soon. If you're selling, hang in there, sales are on their way!

Dan & Lisa Basil


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