Here's a Weekly Update from Minneapolis Area Association of Realtors.  I post these weekly, so my clients can see how the Twin Cities Housing Market is doing.  As you can see, it's pretty bleak.  Buyer demand has dropped since the expiration of the tax credit in May, 2010 & while listings aren't as high as they were a few years ago, they are creeping upward in number.  Since Real Estate is all about Supply & Demand, this doesn't bode well for Sellers.  I hate being the bearer of bad news, but it is what it is.  In any case, enjoy this fine November weather.

Weekly Market Activity Report

For the week ending October 30, New Listings in the 13-county Twin Cities metropolitan area were up 0.4 percent over last year to punch in at 1,266 new units. That’s the first time seller activity has outpaced last year’s levels since the last full week of April.

Buyer activity wasn’t quite so fortunate as Pending Sales were down 29.9 percent over the same week last year. But that’s a major win in its own right. The 579 signed purchase agreements mark the smallest year-over-year decrease in housing demand since the first week of May.

Inventory continued its ascent. As of November 8, the 25,629 Active Listings weighed in 12.0 percent heavier than last year. This metric has been steadily climbing since early June and should continue to be monitored closely. It means increased competition among sellers and more options and leverage for buyers.