Weekly Market Activity Report 2.16.09
By MAAR on Monday, February 16th, 2009
Did you find your true love on Saturday night? Or were you out there showing houses and adding to the already sizable gains in pending sales seen in the Weekly Market Activity Report? Either way, it appears that more Twin Cities home buyers are finding their hearts' desires as we enter the second month of 2009.
New listings continue their seasonal upward movement, with 1,780 homes for the week ending February 7. This is a 16.2 percent decrease from the same week last year—an ongoing good news trend for an oversupplied market. For the same time period, there were 745 pending sales, an increase of 17.5 percent compared to last year at this time. Sales have increased more steadily than new listings so far this year, which has helped reign in our Months Supply of Inventory to a healthier 7.7 months—down 13.5 percent from last year.
Active listings for sale continue to trail year-over-year numbers. There are currently 25,537 homes for sale, a 12.4 percent decrease from last year. Thankfully, increasing affordability means that a healthier share of these homes should find true romance with a buyer than in previous years.
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- Supply tight but flattening, prices still rising, sales fluctuating
- Advance Notice of Sale Ordinance to Protect Affordable Multi-Housing
- More Early Signs of Shifting Market Tides
- Gung-Ho Sellers Post Largest Increase in Nearly Three Years