More good news on the housing market front for the Minneapolis housing market: New listings are continually declining in our market, which is one of the keys to recovery. While there are many other factors, a glut of homes on the market is always detrimental. We are finally down in new listings for the entire year, after a continual increase during the previous 7 years. 1,566 homes went on the market last week, vs. 1,752 during this same week, last year. Our peak week this year was week ending 05/09, with 2,058 (the comparable peak week the year prior was 2,380 new listings). So we are down -10.6% in new listings this week over last year. As our Minneapolis/St. Paul housing market has seen this trend for the entire year, I believe this is encouraging news.
Our supply vs. demand ratio for 06/09 has also come down to 5.04 homes for every active home-buyer, compared with 1 year ago in June 2008, when we had 7.57 homes for every active home-buyer.
Let’s hope this trend continues.
