Twin Cities Weekly Market Activity Report - WE 1/19
provided by MAAR
Weekly Market Activity Report
The first full week of reporting for the Twin Cities housing market is
provided by MAAR
Weekly Market Activity Report
The first full week of reporting for the Twin Cities housing market is
in and while there are a few "green shoots," it's becoming clear so far
that the market won't see the same spectacular growth in sales it saw
at the beginning of 2009.
There were 520 pending sales for the week ending January 9, down
1.7 percent from the same week in 2009. That's the seventh week of
the last nine to see fewer sales than the prior year, a time period that
coincides closely with the initial expiration date of the first-time
that the market won't see the same spectacular growth in sales it saw
at the beginning of 2009.
There were 520 pending sales for the week ending January 9, down
1.7 percent from the same week in 2009. That's the seventh week of
the last nine to see fewer sales than the prior year, a time period that
coincides closely with the initial expiration date of the first-time
home buyer tax credit. However, we’re still 21.2 percent higher than
the pace in 2008 for that period.
As you likely know, the credit's been expanded to include a $6,500
incentive for buyers who have owned a home for five years of the
As you likely know, the credit's been expanded to include a $6,500
incentive for buyers who have owned a home for five years of the
last eight. Since we can safely assume that many of these buyers will
need to sell their home first before buying a new one and receiving
the credit, we can look to our new listings numbers to see how much
effect the new credit is having. So far, it doesn't appear to be much.
Over the last three months, the number of new listings has been 11.7
percent behind the same period one year prior. With many looking for
continued "seedlings" of hope in the local housing market, this isn't
welcome news. As always, we'll be keeping a close eye on things and
reporting back what we see.
percent behind the same period one year prior. With many looking for
continued "seedlings" of hope in the local housing market, this isn't
welcome news. As always, we'll be keeping a close eye on things and
reporting back what we see.
