I learned an interesting tidbit during our Tuesday morning sales meeting today that I thought was interesting. 

As of 12/10/11, there were 19,380 Active Listings in the Twin Cities.  Last year at the same time there was 25,249 Active Listings.  We currently have a 5.7 month supply of Properties for Sale.  Last year, we had 8.2 month supply. 

We are definitely in a Balanced Market & that is very Good News!

Even though the market is soft, 81 % of renters still think a home is a good investment.

Here's an interesting fact; One in five baby boomer couples have already given at least one of their children the means to purchase a home.  Either buying it outright, furnishing the down payment or co-signing.  

Here's a short note from Mpls Area Association of Realtors with some current Market Stats.

Tryptophan and chatty in-laws were not able to curb the appetite of local home buyers, as purchase activity easily gobbled up last year's levels. Sellers were apparently stuffed and lethargic, as they brought fewer new properties onto the market than during the same holiday week last year. As we approach the slowest time of year for residential activity, expect transacted dollar volumes and sales counts to weaken from the spring and summer of this year. Keep watching inventory declines; they could have a measurable impact on the Spring 2012 market.

In the Twin Cities region, for the week ending November 26: • New Listings decreased 9.1% to 601 • Pending Sales increased 46.8% to 574 • Inventory decreased 22.8% to 20,318

For the month of October: • Median Sales Price decreased 9.6% to $154,500 • Days on Market decreased 0.5% to 134 • Percent of Original List Price Received increased 0.9% to 91.2% • Months Supply of Inventory decreased 27.6% to 6.3

Mortgage Moment

Here's a quick post from my Go To Loan Officer, John Skoglund.
In the past I was always been an advocate of using the interest deduction on a mortgage to it maximum extent. Now, I advise clients to make extra principal reduction when possible. If they make the extra principal reduction they will be less likely to become upside down on their mortgage. In fact they will have the mortgage paid off in a reasonable time frame. A $100 extra a month can reduce the life of you loan be 4 or 5 years.
Have a great week!