Reviewing data through May 2007, we see that closed sales in this area are down about 20% from the same period a year ago. Further, inventory of re-sale homes on the market is up from 2006. The increased inventory is fueled by lagging sales, i.e. - although the rate of new listings coming on the market has slowed, sales have slowed even more. The average market time from listing to contract acceptance in this area has been 141 days thusfar for the year. That number will rise steadily if inventories continue to build.
This is clearly a Buyer's market, so . . . . where are the Buyers? Faced with rising interest rates, shouldn't Buyers be scooping up bargains?
Sellers must be patient and consider market changes on a real-time basis to enhance chances of a timely sale.
If you have any questions about our market, please contact me. I can also provide similar perspectives on other Twin Cities metro municipalities. Thanks for being there!
