First Time in 10 Months!

Here's the latest from MAAR:

For the first time in ten months—and only the second time in the last two years—the number of purchase agreements (pending sales) signed for our most recent weekly activity set was slightly ahead of one year ago. There were 714 purchase agreements signed for the week ending May 17, which is 1.7 percent higher than one year ago. A hearty 27.5 percent of these sales were mediated by a financial institution as a foreclosure or short sale.

Over the last three months, the number of pending sales is still down 10.3 percent compared to 2007, and the number of new listings is down 13.9 percent for the same time period. The total number of homes for sale is 700 units behind this time last year—a year-over-year fall of 2.0 percent, a gap which should only widen as sellers continue to cut back on new listings.

X Marks the Spot

Here's the latest from MAAR:

"X" marks the spot on your typical pirate treasure map, but it can also
be an intrepid signifier of a changing market. This edition of the MAAR
Weekly Market Activity Report shows off a big, bold, red "X" on our
"Last Three Months Inventory for Sale" graph (page 4). The diverging
trend lines are a marked indicator that the supply of homes has been
held at bay relative to recent years for the past several months. For the
week ending May 10, the number of new listings was 15.5 percent
behind last year. With new listings still sluggish, expect this trend to
continue.
Pending sales were down 5.3 percent compared to a year ago. Yes,
weekly pending sales are still battling to surpass last year's numbers,
but we hope to mark an uplifting "X" on our "Last Three Months
Weekly Pending Sales" (page 3) treasure map later this year.

Hope Springs Eternal for Twin Cities Real Estate

Here's the latest Weekly Market Report from MAAR:

In Minnesota, warmer weather typically equates to listing increases. But compared to previous years, the run-up to the 2008 summer selling season in the Twin Cities housing market has been meek. The number of new listings for the week ending May 3 was 16.6 percent behind the same time last year—the ninth consecutive week of decline relative to a year ago. Buyer activity is also slower. Over the last three months, pending sales are hovering around a 16 percent year-over-year decline.

This week's edition of the MAAR Weekly Market Activity Report features updated figures for several important metrics. As the spring season begins, the Average Days on Market Until Sale decreased to 154 while the Percent of Original List Price Received at Sale increased slightly to 91.7. The Housing Affordability Index decreased to 151, due to slight seasonal increases in sales price and interest rates. Finally, the Months Supply of Inventory increased to 10.2 months; a 5- to 6-month supply rate is considered indicative of a balanced market.

The Housing Crisis Is Over!

It is...according to the Wall Street Journal.

Also, good news for Minneapolis Real Estate Investors: FREE MONEY!

Check it out HERE.

Ring the bell?

Here's the latest from MAAR:

Ring the bell, sound the alarms, shout from the mountaintops: the number of homes for sale in the Twin Cities region as of today is less than the number for sale at this point last year, a new benchmark which marks an encouraging sign that the market is in an early stage of recovery.

This is the first time since MAAR began tracking inventory figures that we have been able to show a year-over-year decline in listing supply. There are currently 32,448 residential properties for sale, a decline of 134 units from this time in 2007. With sellers still holding back on putting their homes on the market (new listings are down 11.4 percent from last year over the last three months), this downward year-over-year trend in inventory should continue into the summer.

This week's edition of the MAAR Weekly Market Activity Report features a new figure for our Supply-Demand Ratio of 7.53, which means there are approximately 7.53 homes on the market for each buyer in May— up 12.9 percent from May 2007 when the figure was 6.67.