Monday, June 06, 2011

Two Consecutive Weeks of Increased Sales in the Minneapolis St Paul Real Estate Market

Weekly Market Activity Report

Buyer activity in the Twin Cities metro area increased a colossal 59.2 percent over last year, the strongest year-over-year gain since the week ending October 3, 2009. That's a win any way you look at it, especially after 52 of the past 53 weeks showed year-over-year declines in buyer activity.

The post-tax credit drop-off seen at this time last year is driving this shift while current purchase levels have been on a modest but steady seasonal uptick. So far, sales levels are on track with 2007 and 2008 trends.

The change at this time last year is also showing up on the seller's side, where 1,523 new homes were introduced, or 3.3 percent more than the same week in 2010.

Overall, we've seen four consecutive weeks of gains in seller activity and three consecutive weeks of gains in buyer activity.

Inventory levels are preparing to round off their seasonal peaks. The 23,920 Active Listings for Sale are currently 10.6 percent below year-ago levels. That marks the 17th consecutive week of declines, a phenomenon not seen since spring 2010.

If you're not working with a Realtor, contact The Basil Group at info@thebasilgroup.com or call 763 550 3888 . We'll provide extraordinary real estate service with respect for you, unmatched knowledge and expertise. In many cases, we will save you money, time and headaches with your real estate purchase or sale.

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