It’s bitter cold in the Twin Cities, and will probably will stay that way for a week or so. Fortunately, the Minneapolis real estate market seems to be thawing out, at least when compared to conditions last year. Traditionally, pending sales are down during the dark and cold month of January. However, pending sales in the Twin Cities are up 13.2 percent for the first two weeks of January, compared to the same time period last year. I am not going to go Pollyanna on you with this cheery little bit of real estate news; conditions still strongly favor home buyers and prices are down.
Minneapolis home sellers will be glad to hear that the number of new listings in this same time period have gone down 18%. Traditionally, first-time buyers start stirring in February, because they are feeling cooped up and suffering from cabin fever from all of that time they are spending in their tiny apartments. (I know it seems like they have been in hibernation or maybe even suspended animation for a long time.) I am not willing to stick my neck out on this prognostication, but the lower inventory levels and extremely low interest rates should both bode well for Minneapolis home sellers. Of course, all of this is conditional upon consumer confidence thawing out.
Here’s what the Minneapolis Area Association of REALTORS has to say about the local market:
Possibly related posts:
- Twin Cities Home Sales – April 2009 Twin Cities Home Sales: Are we out of the woods?...