Weekly Market Activity Report (Week of January 24th, 2011)
Buyers were more eager to get back in the game than sellers for the week ending January 15. There were 1,286 new properties added to the Twin Cities residential real estate market, down 22.9 percent compared to the same week last year (good news). This marks the third consecutive week of year-over-year declines in seller activity after three consecutive weeks of year-over-year gains.
There were 558 Pending Sales for the week, down a slight 2.3 percent from year-ago levels. That's the smallest decline in purchase demand in six weeks.
Active Listings for Sale were up 6.3 percent to 21,744 homes. That's the fourth consecutive week of decreasing inventory gains compared to last year.
Post tax credit: this is probably only 1 of 2 Weekly Market Activity Reports since the expiration of the tax credit that have shown neutral-to-positive market data.Â Hopefully it keeps inching forward.Â The big unknown at this time is the surplus inventory of REO/Bank-Owned homes that will be entering into the marketplace.
If you have any Real Estate questions, and/or if you know someone that wants to buy or sell, please feel free to have them contact us!
Hutchinson & Sovis Team
www.scotthutchinson.edinarealty.com (search all "MLS" listed properties)
Real Estate Blog: http://www.trulia.com/blog/scott_hutchinson/
C: 612 396-0692
F: 952 892-7163