Some encouraging news from the Minnesota Area Association of Realtors (MAAR):
Weekly Market Activity Report
While pending sales remain down, there are signs pointing to the end of an expanding buyer's market. However, this does not foreshadow a quick turnaround in market conditions, as that will likely be slow in its creation and gradual in its effect. For the week ending January 27, new listings were 5 percent behind the same week in 2006 and pending sales were 12 percent behind. While sales remain slower than last year at this time, they are behind at a lower rate than the market has seen in recent months, indicating a settling in the decline of buyer activity.
Continued moderation in new sellers will aid in the needed absorption of excess inventory. There are presently about 25,000 housing units for sale in the Twin Cities region, up only 16 percent from this time last year. The year-to-year inventory comparison reached a peak of 40-plus percent growth in the summer of 2006 and has been steadily declining ever since.
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