Tuesday, January 26, 2010

Twin Cities Housing Market Rebounds in 2009

Minneapolis Area Association of Realtors -- "2009 will go down in the history books as the year that the local housing market took large healing steps towards balance. In the Twin Cities 13-county metro area, total pending sales for 2009 ended at 52,167, up a strong 18.4% from 2008. That’s the highest number of units sold since 2005 and the strongest year-over-year increase in sales since 1998."

Highlights for 2009 include:

Pending Sales: +18.4% from 2008


Closed Sales: +16.7% from 2008

Sale Price as Percent of List Price: 93.4% in 2009 vs. 90.0% in 2008

Supply-Demand Ratio (Homes Per Buyer): 6.7 in 2009 vs. 8.43 in 2008

Months Supply of Inventory: 5 months in 2009 vs. 7.6 months in 2008

1 Comments:

At 1/26/2010 9:08 PM, Anonymous American Delight said...

Hmm... real estate markets are local... except when they're not. In general for 2010, mortgage rates will increase, home prices will fall, ARMs will reset to levels owners can't afford, foreclosures & short sales will increase, and government will keep experimenting with harebrained homebuyer tax credits. (See here.) Overall, not much room for optimism in the housing market, Minneapolis notwithstanding.

 

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