Weekly Market Activity Report 2.4.08
By David Arbit on Thursday, February 7th, 2008
With the new year in full swing and the unofficial national holiday of Super Bowl XLII now under our pizza-and-beer-stretched belts, the number of homes for sale in the Twin Cities housing market is beginning its annual ascent. With just over 28,000 units on the market as of this morning, inventory is 11.8 percent higher than this time last year—a new record for this time of year. For the week ending January 26, there were 528 purchase agreements signed (pending sales), a decrease of 16.9 percent from the same week in 2007.
The net result of growing supply meeting cooled demand is a market tilted in favor of the buyer—a dynamic we can clearly see in our new February 2008 Supply-Demand Ratio (SDR) of 10.02. This means that there are 10.02 houses on the market for every buyer expected this month, up 36.9 percent from February 2007—a tougher environment for sellers.
Consider the flip side of this coin. With a bounty of inventory to peruse, historically low interest rates, improving affordability and motivated sellers, this is truly one of the best times to buy real estate in recent history.
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