According to the Minneapolis Area Association of Realtors (MAAR) for week ending 06/26/2009, we have further positive data that our market – in many areas – has positive news. Inventory continues to decline (a total of 33,435 in our metro area, down 19.7% from this same point, last year), pending sales continues to rise (up 33% over this same point, last year), the decline of the percent of the original list price received at sale seems to be stabilizing (-1.2% from last year, for a total of 91.5% of original list price) the housing affordability index continues to trend toward better affordability, total days on market until a sale is down 7.3% (to 147, from 159 at this point last year), supply-to-demand ratio is down from last year, from 7.57, to 5.04 houses per buyer and the months of inventory is down to 7.6 from 10.4.
Of course, this is all in the general sense. Some area are actually stabilizing and some areas will continue to see further depreciation (some 2nd and 3rd tier suburbs), however, these are all continued, encouraging signs of general stabilization in the Minneapolis housing market.
