Minneapolis Area Association of Realtors’ weekly market update was released this afternoon. For week ending December 17, 2011 we continued to see a strong increase in Pending Sales combined with lower numbers of New Listings year over year bringing us to an unbelievable 19,066 listings.
For inventory numbers, we are looking like 2004 and very early 2005. It will be interesting to see what the absorption rate is for December when MAAR releases Decembers figure in early January. I suspect we may be getting close to dropping below a 5 month supply of homes. (this is completely speculative right now..)
• New Listings decreased 16.9% to 799
• Pending Sales increased 50.1% to 749
• Inventory decreased 23.6% to 19,066
Read Full Report from MAAR
- Twin Cities December Real Estate Market “Monthly Skinny” (craigkamman.com)
- Twin Cities Housing Market set for rebound (craigkamman.com)