Weekly Market Activity Report 2.18.08
By David Arbit on Monday, February 18th, 2008
"Under the right circumstances, groups are remarkably intelligent, and are often smarter than the smartest people in them."
As 2008 progresses, the picture remains relatively static. New listings are holding steady with last year’s pace, home sales remain sluggish and the total inventory of houses for sale is at record levels—all of which points to a market in the buyer’s favor. Yes, it’s been a challenge to think of fresh ways to say the same thing every week: Sales down, inventory up. buyer’s market, interest rates low, prices low, affordability high, buy now. If it were 1978, we’d be a broken record; 1988, a tangled tape; 1998, a skipping CD. But it’s 2008, and digital capabilities have eliminated these faults while increasing the ability to interact with the makers of the recording. So let’s take advantage.
We’re the experts at compiling the numbers into useful reports. But you’re the experts on the street. Tell us where you think the Twin Cities housing market is headed. Draw on your personal experiences to help us answer four direct questions:
How long will this extreme buyer’s market continue?
What needs to change for the rebound to begin?
What is the current psychological mindset of buyers?
What is the current psychological mindset of sellers?
We’ll compile the answers and highlight some notably thoughtful and thought-provoking answers in an upcoming post on this very blog, coming next month as part of our website overhaul.
In case you watch this space each week simply for the weekly numbers, here they are: For the week ending February 18, new listings posted 2,125 units, up 1.9 percent from the same week in 2007. New purchase agreements (pending sales) posted 634 units, down 13.9 percent for the same time period comparison.
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