Where has the Twin Cities Real Estate Market been and where is it headed. Take a look at the May monthly skinny for a summary of trends and projections for the real estate market in the Twin Cities.
The market statistics for the week ending November 17 are out. Home buyers are still enjoying record low mortgage interest rates and sellers are seeing their home sell for more money and a bit faster due to the low inventory of homes for sale. These two factors continue to fuel the real estate turn around.
In the Twin Cities region, for the week ending November 17:
∙ New Listings increased 11.4% to 1,046
∙ Pending Sales increased 9.8% to 843
∙ Inventory decreased 29.4% to 14,770
Most of the signs in the real estate market are positive these days. One big positive sign is that pending sales are way up! For the week ending April 21st pending sales were at there highest level since 2006 with the exception of the last week in April 2010. That last week in April of 2010 was not a true measure as it was the end of the government sponsored home buyer tax credit with a mad buying rush before the program ended. Over the last 3 months pending sales in the 13 county metro area have increased by 22.9%. For sale inventory is still low but not dropping as dramatically as it had been. Click here for the statistics on pending sales.
WCCO took a look at the rental and real estate market in the Twin Cities to find out if it is better for consumers to rent or to buy their next home.