Our local REALTOR Association reports:
"....the week ending June 18th 2011 marked an important milestone for the Twin Cities housing market. More buyers entered into purchase agreements that week than during any non-tax credit year since the peak bubble year of 2006. That is to say the 1,076 signed contracts outpaced all of 2007 and all of 2008. The week ending June 25th enjoyed a 52.2 percent increase over the same sluggish, post-credit week in 2010 to reach 1,012.
New supply brought online by sellers fell below year-ago levels for the third straight week. The number of active listings for sale dropped 14.6 percent to 25,500, the largest decrease in 73 weeks or since January, 2010."
Additionally, the association reported a decline in the rate in which foreclosure and short sale inventory is hitting the market.
This goes hand-in-hand with the trends we are seeing in West Savage as well Overall supply is down. Foreclosures have slowed significantly since 2009 and 2010. Short sales are still prevalent in our local area and we expect that will remain unchanged for some time. All this, paired with rising buyer activity and continued low interest rates will hopefully bring positive signs for the traditional seller.
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