Minneapolis Area Association of Realtors reports continued year over year inventory declines. New listings were up year over year last week but pending sales had far outpaced new listings bringing continued year over year decline in inventory.
In the Twin Cities region, for the week ending April 21:
- New Listings increased 13.9% to 1,677
- Pending Sales increased 41.2% to 1,281
- Inventory decreased 28.4% to 17,447
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Simple Supply Demand formula economics should begin to take hold as the inventory gets lower. We will continue to see price stabilization and then slight price increases, there are numerous multiple offers taking place which will begin to register in the statistics soon. It will become more evident when this activity begins to take hold in the upper bracket market.