The market seems to be easing for sellers a bit! The Minneapolis Area Association of Realtors, in its October 8, 2011 weekly report, states ” It seems like every passing week brings not one but two new record declines: inventory levels and mortgage rates. The number of active listings on the market fell 21% to 22,434 units and mortgage rates fell below 4% for the first time ever. Pending sales were up 48.3% over the same week in 2010 to 851 purchase agreements signed.”
So, it appears even without any government stimulus, the Twin Cities housing market continues to small strides toward recovery. Sellers listed 5,562 new homes on the market, down 16.8% from September 2010. buyers entered into 3,752 purchase agreements, up 37.4% over September 2010 levels. That’s the fifth consecutive month of double digit, year over year gains in buyer demand! The decline in activ listings marks the largest inventory decline in more than seven years! The leaner inventory count combined with stronger purchase demand has moved the market toward balance.