The Minneapolis Area Association of Realtors reports that inventory continues to drop with Pending sales up and new listings down for week ending November 12, 2011.
If you have been following along over the last 5 to 6 weeks you know that I have arbitrarily set the 20,000 mark as a goal I am hoping we will break through. It is possible being only 1,069 listings away and we shed 226 last week. If we continue at that pace we will likely break the 20,000 threshold within 5 weeks. That could put us in the position of starting out 2013 at inventory levels we haven’t seen since 2004. I don’t expect we would stay there long because that is about the time that new listings traditionally begin to come to the market. It would just be a nice number to see us dip below, even if for only awhile.
- New Listings decreased 2.5% to 1,112
- Pending Sales increased 37.1% to 853
- Inventory decreased 22.2% to 21,068
- Twin Cities Weekly Real Estate Market Report, week ending Oct 29 2011 (craigkamman.com)
- Lowest Inventory in Six Years (economistsoutlook.blogs.realtor.org)