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:
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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