Weekly Market Activity Report 3.17.08
"So tired, tired of waiting for you" -- The Kinks, garage-rock innovators and noted housing economists
Still waiting! Buyer activity remains relatively lethargic in the Twin Cities housing market. For the week ending March 8, the number of new purchase agreements signed was 682, behind the same time last year by 18.7 percent. Despite the deluge of properties available, rapidly improving affordability, attractive interest rates and motivated sellers, buyers appear to be unwilling or unable to take advantage of this incredibly attractive buyer's market.
This conundrum begs a question: Do buyers remain on the sidelines because they so choose or because they have no choice? In other words, is it tightening lending rules or a sincere lack of consumer interest that is keeping buyers in stasis? What do you think?
This month's edition of the MAAR Weekly Market Activity Report features an updated figure for Months Supply of Inventory, which jumped in March to 9.2. This means that it will take the current supply of properties for sale roughly 9.2 months to sell through completely.
Calling All Brokers! If MAAR were to host a broker summit that gathered Twin Cities real estate brokers together, what speakers would you be willing to pay to listen to? These speakers can be national or local, real estate related or general. Please share your thoughts with Linda Stoeckicht at lindas@mplsrealtor.com.
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