This week’s market update from Minneapolis Association of Realtors shows continued improvement on inventory in the Twin Cities. I am still calling this “improvement”, however if this trend continues for too long it can become a “problem”.
In the Twin Cities region, for the week ending October 6:
• New Listings increased 2.8% to 1,301
• Pending Sales increased 33.5% to 1,049
• Inventory decreased 28.6% to 16,113
Read Full Report from MAAR
The real estate market has still been busy which makes it difficult for me to keep up with blog posts. Last week I missed posting the weekly market update which contained the figures for September. September ended with inventory at a 4 month supply. It takes 4-5 months to build a new home (add a unit to supply). In other words, we can build more homes!