Our local REALTOR Association reports:
For the week ending March 26, Pending Sales in the Twin Cities metro posted a 27.2 percent decrease from the same week last year to 764 purchase agreements. Sellers listed 1,402 or 37.4 percent fewer homes than they did during the same week in 2010. The repetitive mantra says: "Don't put too much stock in these year-over-year comparisons since we're up against an elevated baseline due to the 2010 home buyer tax credit."
In the meantime, the gap between this year's and last year's inventory levels continues to grow. The current number of Active Listings for Sale looks and feels 12.3 percent leaner than last year at this time. Buyers currently have 22,158 properties to choose from, which is the lowest total at this point in the year since 2005. The spring jeans we've been wearing for the last several seasons now look downright baggy.
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