Pending Sales in the 13-county Twin Cities metro experienced its smallest decrease since the end of May. The 611 purchase agreements signed for the week ending October 23 were 34.0 percent fewer than the same week in 2009. While still in the red, it’s not to the extent we’ve seen the past few months.
Seller activity held fairly stable at 1,303 New Listings for the week. This made for an 8.9 percent dip from last year’s levels and was roughly on par with the 7.8 percent average decline over the past three months.
Inventory is still high. As of November 1, it stands at 25,706 Active Listings, an 11.5 percent jump since last year at this time. The pace of inventory activity should continue to decline as we step toward winter.
I think we are all hoping inventory drops like a lead balloon so as to even out to demand. However, there is always that segment that needs to sell as opposed to would like to sell.
The "needs to sell" seem to be outstripping demand.
Posted by: Edina Realty - Ray Klotz | November 02, 2010 at 08:11 AM
Your comment is extremely biased considering your occupation.
Within the past 10 years prices escalated at a rate of more than 12% per year, year over year until the overinflated real estate market collapsed and left home prices more than 100% overvalued.
Prices ballooned exponentially and are inflated to all ends! I think the non-real estate agents and the non-sellers all hope prices drop like a lead balloon so the value of a dollar is not lost!
Think about it, just 10 years ago homes that sold for approximately $140,000 are currently on the MLS priced around $350,000. Who in their right mind thinks that's good for the American people? Has the wage base doubled? Can people really afford them?
Lower the prices and get real to the real world..
Of course, this doesn't make things easy for the real estate agents...
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