Weekly Market Activity Report 3.23.09
By MAAR on Monday, March 23rd, 2009
Has everyone remembered to “spring” forward? It looks like the Twin Cities housing market certainly has, as the new season has brought in an uptick in sales along with the warm weather. The market can only hope that “spring” fever is more than just a figure of speech.
Speaking of pending sales, while they have tapered off during the week ending March 14, there is no denying that since the new year began pending sales have steadily outperformed last year’s numbers. In fact, even with almost no increase in pending sales activity the 870 pending sales for the week are still 14.9 percent higher than last March at this time.
Total active listings are another story. While new listings for this period are only 13.9 percent lower than last year, active listings are down nearly 14.7 percent. This can be looked at in a positive light however if you consider the combination of pending sales, decreasing inventory, and higher HAI (Housing Affordability Index) are all helping to get more people into homes throughout the new spring season. This coupled with the federal government’s tax credit efforts could give the Twin Cities housing market the added boost it needs to awaken and to realize the potential that is out there.
There are many other events that coincide with spring: spring training, spring fever, spring boards…ok that last one isn’t technically associated with the season. But with the Month’s Supply of Inventory for March down 15.2 percent over last year, agents across the Twin Cities can assist buyers in diving right into the market now that conditions are beginning to warm.
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- NEWS FROM NAR: Preparing for Possible Partial Shutdown of Federal Government
- Long-awaited inventory gains finally arrive
- Plymouth Council Votes Down Short-Term Rental Restrictions
- Position Announcement: MAR Seeks a Chief Executive Officer
- Heart of the Community Award Recipients
- 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