Weekly Twin Cities Real Estate Market Activity Report

Here's the latest from those wacky kids at MAAR:

"Plus ça change, plus c'est la même chose." – Alphonse Karr, French novelist

With the arrival of 2008, the Twin Cities housing market remained in its 2007-end holding pattern. Purchase agreements were lower and new listings held steady. For the week ending January 12, there were 4.8 percent fewer new listings on the market compared to last year at this time, while pending sales declined by 24.0 percent for the same time period. The total number of homes for sale in the region is beginning it's annual new year ascent, with 27,931 housing units on the market—up 12.2 percent from the same time last year.

This week's edition of the MAAR Weekly Market Activity Report features an updated January 2008 figure for the Months Supply of Inventory. The figure declined sharply to 8.3 months, as it usually does at the beginning of the year following the holiday inventory drop. The figure is 42.4 percent above this time last year.

For a full, detailed look at how changing supply-demand dynamics are affecting various price ranges and property types in our regional housing market, take a look at our new January 2008 Housing Supply Outlook.