It has been awhile since I provided a market update for Twin Cities real estate. I have been observing the data with renewed interest of late. We have now identified a trend in two areas:
1) The number of new listings coming on the market for the past 5 consecutive weeks is lower than it was for the same period a year ago; and
2) The number of new sales (pendings) has been higher for the past 6 conscutive weeks than for the same period a year ago.
What does this mean? My interpretation is that we are in the early stages (not widely recognized) of a market rebound. Several states in the nation have already noted the same trends and have declared a turnaround. Minnesota is about to join those ranks. Homebuyers should get ready . . . get set . . . and GO! Savvy investors already have - now it is time for the owner-occupied sales to kick in. Don't be late for the party!
Thursday, August 21, 2008
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