Twin Cities Weekly Market Activity Report - Oct. 15th
Provided by MAARWe're used to seeing housing activity slow down at this time of year. Trouble is, this seasonal slowdown is amplified when compared to a front-loaded 2010 selling comparably tax-credit-quarter season and a strong tax credit driven 4th 2009 selling season. The net effect is that year-over-year changes are comparing an incentive period to a non-incentive period. Keep that in mind in the coming weeks when looking over the latest housing market figures.
For the week ending October 2, sellers placed 5.3 percent fewer homes on the market. In sum, 1,541 new properties came online during the week. By comparison, over the past three months, the average decline between this and last year's activity is 9.1 percent.
The 630 pending sales during the week were 39.6 percent fewer than the same week last year. Since the second week of June, the percentage decline in buyer activity from the same week last year has ranged between 48 and 34 percent. That's not a pretty picture for the most recent four-month period.
Inventory continued along its growth path, checking in at 27,033 as of October 12. This was an 11.0 percent increase over last year at this time, which is the largest increase since the final week of January 2008. Market times and negotiations are starting to reflect this trend.
Be sure to visit ElkRiverHomes.com for more information regarding the real estate trends affecting Elk River, Otsego, Rogers, Big Lake and all of Sherburne County.
CHAD ELLIOT, REALTOR© The Hennepin Group, LLC Keller Williams Realty 17205 Yale Street NW, Suite D Elk River, Minnesota, 55330 | Mobile: (651) 795-1147 Fax: (763) 241-0187 Email: chadelliot@kw.com | |
      | ||
