Minneapolis Area Association of Realtor’s weekly update shows inventory about to cross another threshold. It looks like it is possible we may dip below 17,000 homes for sale this week or sometime next week… This is becoming significant. With lower inventory, we will see price stabilization and it is beginning to look like we will see price increases. (real price increases, not just median sales price.)
In the Twin Cities region, for the week ending July 21:
• New Listings increased 1.2% to 1,382
• Pending Sales increased 22.7% to 1,145
• Inventory decreased 30.7% to 17,174
17,174 Listings in inventory – only 175 sales to drop below the 17,000 mark. Something to keep in mind out of this inventory, many of these are actually pending waiting for “3rd Party Approval” (aka Short Sales waiting for the bank to approve the sale). So the inventory is actually lower than this figure…
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