Our local REALTOR Association reports:
Buyer activity in the Twin Cities metro area increased a colossal 59.2 percent over last year, the strongest year-over-year gain since the week ending October 3, 2009. That's a win any way you look at it, especially after 52 of the past 53 weeks showed year-over-year declines in buyer activity.
The post-tax credit drop-off seen at this time last year is driving this shift while current purchase levels have been on a modest but steady seasonal uptick. So far, sales levels are on track with 2007 and 2008 trends.
The change at this time last year is also showing up on the seller's side, where 1,523 new homes were introduced, or 3.3 percent more than the same week in 2010.
Overall, we've seen four consecutive weeks of gains in seller activity and three consecutive weeks of gains in buyer activity.
Inventory levels are preparing to round off their seasonal peaks. The 23,920 Active Listings for Sale are currently 10.6 percent below year-ago levels. That marks the 17th consecutive week of declines, a phenomenon not seen since spring 2010.
For this week, we also wanted to showcase a couple numbers from the housing charts.
1. For the week ending 5/28/2011, the 3-month average for NEW listings stood at 21,418 in the metro area. That is -17.9% below the 3-month average from one year ago (26,075.) The good news, less inventory for sellers.
2. Pending sales for the week ending 5/28/2011 stand at 955, vs. 600 for the same week last year. This is an INCREASE of 59.2%.
3. Total current ACTIVE listings for the 3-month average stand at 22,897. One year ago, the same three months saw an average of 25,923 listings. This represents an inventory drop of 11.7%.
4. Days on market is still on the rise, however, as buyers take their time to house-hunt. The 12-month average is up 3.5%....to 152 days on market as the AVERAGE time to sell.
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