Weekly Market Activity Report
By Erin Milburn on Tuesday, July 5th, 2011
With the release of this week’s Weekly Market Activity Report, MAAR is transitioning to a new data collection methodology that automatically updates historical statistics to reflect the current data as it appears in NorthstarMLS. MAAR has been using this approach in almost all of our other reports for several years and we believe it represents the most accurate and up-to-date picture of the market. This means that numbers found in prior editions of this report may look different than what is being reported today.
In light of this, the week ending June 18th 2011 marked an important milestone for the Twin Cities housing market. More buyers entered into purchase agreements that week than during any non-tax credit year since the peak bubble year of 2006. That is to say the 1,076 signed contracts outpaced all of 2007 and all of 2008. The week ending June 25th enjoyed a 52.2 percent increase over the same sluggish, post-credit week in 2010 to reach 1,012.
New supply brought online by sellers fell below year-ago levels for the third straight week. The number of active listings for sale dropped 14.6 percent to 25,500, the largest decrease in 73 weeks or since January, 2010.
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