The Weekly Real Estate Market updates from MAAR (Minneapolis Area Association of Realtors) continues it’s trend of market improvement.
In the Twin Cities region, for the week ending February 18:
• New Listings decreased 7.1% to 1,256
• Pending Sales increased 28.6% to 899
• Inventory decreased 23.2% to 17,756
Read Full Weekly Market Update from MAAR
Now for my 2 cents worth… Last week I pointed out that there was a disturbing sign of New Listings and speculated we may be seeing the signs of Pent Up Sellers hitting the market. This week the new listings dropped back under last years, so that concern has subsided for now. Even if it were the case, the market can absorb more inventory. It would be nice if it was the home builders that could supply the new inventory which would help with jobs and the overall housing market recovery.
My new concern going forward is the gasoline prices. If the news is right in that we may be seeing $4.00 – $5.00/gal gasoline prices when we switch over to the summer blend – this is going to put a huge strain on the economy and on household budgets. This could derail the recovery trend we are beginning to see signs of. Sorry to be a downer – just throwing in my 2 cents worth…
- Twin Cities Real Estate Market Update, Feb 13 2012 (craigkamman.com)
- 2011 Twin Cities year end Distressed Sales snapshot (craigkamman.com)