Ginko Leaves on Gate       28 October, 2014

It may be cooling off, but the market is still plugging ahead.
Read the latest from Minneapolis Area Association of Realtors
Weekly Update below. 

Rising home prices and continued housing stability continue to lure new listings and keep inventory at a comfortable level. Although things like student debt and lethargic wage growth may provide some obstacles for first-time home buyers, those on the hunt for homes are still graced by relatively low inflation and low mortgage rates. The seasonal slows may settle in soon, but the market remains mostly content. In the Twin Cities region, for the week ending October 18: • New Listings increased 1.6% to 1,310 • Pending Sales increased 5.1% to 912 • Inventory increased 6.1% to 18,094

So, it's been awhile since I posted on this blog.  Well, the summer was pretty much a "Merrily we row along" until about a month ago when the market shifted.  Since then, it's been a little on the quiet side, although I have sold two listings in the past 2 weeks that were sitting on the market because of overpricing for awhile.  It's important for sellers to realize that the market has shifted and it will probably be quiet through the 4th quarter of the year.  It's pretty typical for a seasonal slow down to occur in the real estate market at this time, but it is difficult to predict if this is a "typical seasonal slow down".  It seems a little more that that.  We will see.  As for now, it's important for sellers to be realistic about pricing their homes to sell and getting them into pristine showing condition. 

Check out Mpls Area Association of Realtor's Weekly Update below.


As we turn toward the final and typically quietest quarter of the year, it is easy to wonder if we are destined to lose the stability that we have worked hard for throughout the U.S. However, gloomy considerations are readily put aside after considering a recent investigation by the Inter-national Monetary Fund into the real estate markets of other countries. It turns out that our national housing price-to-income ratio is fairly conservative. At this rate, we will soon stop talking about the process of housing recovery and just call it recovered.

In the Twin Cities region, for the week ending October 11:
• New Listings decreased 6.6% to 1,423
• Pending Sales increased 6.8% to 955
• Inventory increased 7.5% to 18,178

For the month of September:
• Median Sales Price increased 5.1% to $205,000
• Days on Market remained flat at 71
• Percent of Original List Price Received decreased 0.9% to 95.6%
• Months Supply of Inventory increased 15.8% to 4.4