The Minneapolis Association of Realtors (MAAR) had just put out a new Monthly Skinny report reflecting March Real Estate numbers of 2011. Brad Fisher, MAAR President 2011, talks about the implications of the numbers from March and the effect that has had on the Twin Cities Real Estate Market.
- Pending Sales are DOWN 17.6% from March 2010*
- Inventory is DOWN 4.5% from March 2010*
- Median Sales Prices are DOWN 15.2% from March 2010*
- Housing Supply is UP 16.8% from March 2010*
- 7.7 Months of Inventory is currently on the Market. 5-6 Months of Inventory is considered to be a balanced Market.
*2010 Numbers were inflated due to the Tax Credit
It is hard to compare last year to the current year with the $8,000 tax credit that was made available to first time home buyers. The late Spring in the Twin Cities sure has not helped the Real Estate market either in the Twin Cities. We should see a nice increase in activity and business over the next couple months now between Easter and the 4th of July.