Weekly Twin Cities Real Estate Market Activity Report

Recently I heard two things of interest. The first involves John McCain's proposal to fix the Housing Crisis: require Buyers to have higher down payments. To be honest, I was a bit flabbergasted by this proposal. Why would anyone want to make it even more difficult to get deals done than they already are in this market what with all the tighter lending restrictions and the already staggering market. This type of thing could be the knock out blow to Seller's out there and I, for one, hope ultimately cooler heads will prevail.

The second tidbit was the notion that has been floated around that the 3rd Quarter of this year (July-August-September) may signal the "bottom" of this current market downturn.

So while both of these remain to be seen, it should be a very interesting fall!

Meanwhile...


Here's the latest from MAAR...

The Twin Cities housing market is showing early signs of entering a positive phase of correction. The number of new listings entering the market for the week ending March 29 was 14.8 percent behind the same week last year, the fourth consecutive week of double-digit declines relative to last year. Unfortunately, pending sales remain lackadaisical (down 15.9 percent for the same time period comparison), so the total inventory of homes for sale continues to exhibit decelerating growth this spring season—an encouraging momentum change in our shifting supply-demand balance.

This week's edition of the MAAR Weekly Market Activity Report features updated figures for several key metrics. In March, the Days on Market Until Sale held steady at 165 and the Percent of Original List Price Received at Sale dipped slightly to 91.0—both indicators of the continued advantage the buyer holds in this market. The April Months Supply of Inventory increased to 9.6 months, up 23.9 percent from this time last year. A market that's balanced between buyers and sellers would have roughly a 5- to 6-month supply of homes for sale. We haven't been there since 2005.


Click here for this week's full report. Visit Market Info for reports as far as the eye can see.