Tara O'Brien's Minneapolis Real Estate Update: January 2010

Activity continues to pick up in the Twin Cities housing market as sellers and buyers bid a sad farewell to the Vikings' football season and the dormant holiday market begins to thaw. New listings, sales and inventory are steadily increasing as we prepare for the spring selling season.For the week ending January 16 there were 571 signed purchase agreements, up 4.0 percent from a year ago. That's only the second week of year-over-year increase in the last nine. New listings were 8.3 percent higher than a year ago at 1,668, and the total inventory of homes available for sale currently sits at 20,459, down 18.9 percent from last year at this time.With an extreme shortage of inventory in some of the lower price ranges, new listings may be welcome in that segment for the first time in several years. In the upper price ranges, sales activity is still declining and new sellers face a tougher market.

To see the Full Report of the Monthly Skinny on the Real Estate Market, Click Here.

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Elliot Park Condos

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Housing activity for the week ending January 2, 2010 took a predictable surge upward following the holiday break. New listings rose to 688 for the week—down 37.3 percent from a year ago—while pending sales posted a number of 378—down 11.7 percent from a year ago. We will likely have to wait another week for all the holidays and frosty weather to get flushed from our year-over-year comparisons to get a full understanding of where our market is headed.
A few additional stats for the New Year:
Housing Affordability continues at historic levels: rising to 208 for January, an 8.3 percent increase from the previous year and a good sign for buyers in the year to come.The Months’ Supply of Inventory is back in balanced market territory at 5.0 months. This is a dramatic 34.2 percent under the supply at the beginning of last year.With a balancing supply and demand and the possibility of rising interest rates on the horizon, this is a unique opportunity time for Twin Cities' home buyers.
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Condos in East Bank and Nicollet Island

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