Weekly Market Activity Report 2.25.08

By David Arbit on Monday, February 25th, 2008

With mercury dropping, snow falling, lips cracking, wet hair freezing, and cars stalling, February has mostly been an exercise in old-fashioned winter hibernation for those of us brave (or foolish) enough to live in the Twin Cities. The weather is by no means the only explanation for the lackluster showing of area home buyers—the uncertainty in the credit markets and dampened consumer confidence are obviously playing their own crucial roles—but it certainly isn’t helping. That’s why the uptick in temperatures seen in recent days is a welcome sight for home buyers, sellers and real estate brokers alike.

New listings for the week ending February 16 posted 1,859 units, down 8.3 percent from the same week in 2007. Signed purchase agreements (pending sales) declined from last year by 17.8 percent for the same time period comparison, posting 624 units. Despite the general decline in seller activity, the total number of homes for sale is ahead of this time last year by 12.1 percent.

Thank you to all who shared their thoughts with us on the state of the Twin Cities housing market in our survey last week. The quantity and quality of the responses we received were extraordinary. Keep your eyes peeled in the weeks ahead — we’ll be summarizing the great input we received here in the near future.

MAAR’s two housing market classes are being offered again soon, both for continuing education credit! "Real Estate Math: Statistics" provides instruction on how to find, interpret and utilize statistics on the housing market. "Wake Up, Shift Happens!" is an interactive analysis of where the housing market has been and is going next.

Real Estate Math: Statistics
Date and Time: March 18, 1:00 p.m. – 4:00 p.m.
Credits: 3
Instructor: Jeff Allen
Location: MAAR Office

Wake Up, Shift Happens!
Date and Time: March 19, 9:00 a.m. – noon
Credits: 3
Instructor: Jeff Allen
Location: MAAR Office

Register online or contact Delores Dahlsten at deloresd@mplsrealtor.com or 952.988.3153. Each class will be offered several times this year. Check your printed edition of The Source, MAAR’s education catalog for dates and times or visit The Source online. Dates and times for "Real Estate Math: Statistics" and "Wake Up, Shift Happens!" are listed on page 23.

Click here for the full Weekly Market Activity Report.

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