Monday, February 02, 2009

Happy Groundhog Day! February 2, 2009

Groundhog DayAs we celebrate Groundhog Day, new listing numbers continue consistently at a slower pace than 2008. New listings for the week ending January 24 were 10.3 percent less than this same week last year. Total active listings are significantly down, reflecting the steady decline of supply that occurred over the previous 12 months. There are currently 24,993 active listings on the market, down about 11 percent and 3,000 units since this time last year.

There is additional good news. Pending sales are showing an increase of 8.1 percent compared to one year ago. It should be noted, however, that much of this increase is foreclosures and short sales.

The Supply-Demand Ratio (SDR) for February is projected to be 7.67, painting a picture of falling supply in further detail. The SDR reflects the number of homes for sale per buyer in the Twin Cities.

These positive signs are methodically leading us on a journey toward a healthier regional real estate market and not like the repeated theme of the movie mentioned earlier.

For a snapshot of what your home is worth, go to www.thebasilgroup.com and click on "My House is Worth What?" . We'll send you a snapshot of your neighborhood values within minutes.