I always look forward to the Minneapolis Area Association of Realtors Weekly Market Updates. This week we didn’t quite see the inventory drop below 17,000, but we are very close. There is nothing magical about 17,000, it is however from my perspective a milestone for the Twin Cities housing market.
In the Twin Cities region, for the week ending July 28:
• New Listings increased 8.3% to 1,430
• Pending Sales increased 20.9% to 1,149
• Inventory decreased 30.5% to 17,103
Read Full Report from MAAR
This week there are 223 fewer homes for sale than last, leaving 17,103 homes for sale. Next week the figure should be below 17,000 which I consider a milestone. We are heading into the fall months and historically we see inventory drop until the following spring. This fall could be a really interesting market… Next weeks report will show the figures for the month of July including Months Supply.