The stats for new Minneapolis real estate listings seem to be following their usual seasonal increase as spring approaches. There were 1780 new listings in the Twin Cities for the week of Februrary 9th. The good news is that this is a decrease of 16.2% for decrease from the the same week last year. The market is still glutted with properties, but this is a significant improvement.
Wait… it still gets better! The number of pending sales for the week of February 7th was up 745, comprising an increase of 17.5% from last year. Ths means that the increase in sales is outpacing the number of new listings, bringing month’s supply of inventory down to 7.7 months, at a significant decrease of 13.5% from last year.
It will be interesting to see how the $8000 tax credit for first-time homebuyers will impact the Minneapolis real estate market. It certainly won’t hurt. Combine this with an increase of 35.4% in the housing affordability increase and record-low interest rates, and we could possibly be looking at a substantially better market by the end of spring.
Video: February report from the Minneapolis Area Association of REALTORS®