Every week registered broker members of the MAAR get an update on the current state of the market. This week’s report from Mark Allen, CEO of the Minneapolis Area Association of REALTORS® indicates that — according the RMLS & Board statistics — it is still a “Buyers market.” Read what it says below:

“The Twin Cities residential real estate market continues to gradually shift in the buyer’s favor. New listing activity for the week ending May 6 was up 19 percent from the same time last year, and pending sales were down by more than 20 percent for the fifth consecutive week. With buyer activity diminishing — relative to previous years — and seller activity growing, the net result is a record number of homes for sale. Total single-family active listings in the 13-county area are currently near 30,000, a 41 percent increase from this time last year.

This week’s edition of the MAAR Weekly Activity Report features an updated Housing Supply Outlook (HSO) for May 2006 of 6.4, meaning that it will take the current supply of homes on the market roughly 6.4 months to become pending or sold given recent buyer activity. A market that is balanced between buyers and sellers is considered one with a five-month supply of homes.”

I’m still figuring how to upload a PDF file on this Blog, so keep checking back. I’ll have it this week. They say the tech learning curve is steeper for older folks and I’m living proof, I guess.

This entry was posted on Monday, May 15th, 2006 at 7:59 pm and is filed under Real Estate Sellers, First Time Buyers, Move-Up Buyers, Seniors/Empty Nesters, Investors. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.