We trust that you had a good May Day, International Worker's Day or early Cinco de Mayo celebration. Whatever your cause for celebration, the Twin Cities housing market did not take a holiday. During the week ending April 25, pending sales posted their fourth consecutive week of more than 1,000 sales, a feat not accomplished since 2006. The 1,078 sales represent a 34.1 percent increase over the same week last year.
Supply remains a different story. New listings were hitting the market at a robust pace last spring, but activity has been comparatively tepid this year. New listings are 16.4 percent behind one year ago and the overall supply of homes for sale trails last year by 19.0 percent. We have remained near 26,000 homes for sale for most of this year, betraying the healthy seasonal growth we typically see this time of year.
Yes, supply is down, but there's still plenty of inventory out there. April's showers are behind us, the Housing Affordability Index is stratospherically healthy, low mortgage rates persist, and a first-time buyer tax credit remains in effect. At this clip, your buyers could certainly find May flowers blooming in front of their newly purchased homes.
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May 04, 2009
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Do you have any data on what a "normal" -Days on Market Until Sale - would be? This seems to be a very important part of these stats in that once this goes down we know we can move a house.
Posted by: Todd Burmeister | May 04, 2009 at 09:48 PM
Todd-
Unfortunately, the data we use to calculate our Days on Market Until Sale wasn't around pre-2006, so we have no way of accurately knowing exactly what the average market time was when our market was more balanced between buyers and sellers.
-- Jeff
Posted by: Jeff Allen | May 05, 2009 at 02:04 PM