For the week ending July 23, Twin Cities home-buying activity increased 54.3 percent while home-listing activity declined 13.2 percent compared to the same week in 2010. Buyers entered into 1,040 purchase agreements while sellers brought 1,380 new properties onto the market.
Sales are up, listings are down. We've heard it all summer. What else is new? Well, inventory levels are down 17.0 percent from 2010, which is the largest decline in 80 weeks or since January 2010. Buyers now have 24,897 properties from which to choose.
Let's visit some monthly numbers as well. The average amount that sellers receive on their asking price declined 2.1 percent in June to 91.4. Market times were up 17.7 percent to 140 days, prices were down 9.3 percent to $165,000. Each decrease or increase was the smallest in several months. Meanwhile, months supply of inventory shrunk 0.1 percent to 8.1, the first small yet measurable decline in 12 months.
Houses in my neighborhood (Mac-Groveland -St. Paul) seem to be selling fast with prices higher than in the past couple of years. One house on our block sold in 3 days for $48,000 more than it did in 2007.
Posted by: Happy Homeowner | August 03, 2011 at 11:46 AM
That is certainly a reassuring anecdote. Thank you for sharing! Send some of that love over to this side of the river!
Posted by: Housing Guru | September 12, 2011 at 03:18 PM
This is so funny. I thought we weren't going to hear from you for three days and everytime I refresh, there's a new fun post!
Posted by: Internet filter for Mac | April 04, 2012 at 10:09 PM
One house on our block sold in 3 days for $48,000 more than it did in 2007.
Posted by: spy software | April 05, 2012 at 10:40 PM