Monthly Skinny July 2012

Cari Lynn, 2012 President of the Minneapolis Area Association of REALTORS®, says, "It's hard to find a single housing indicator that isn't improving!" Pending sales data continues to be strong, up 16%. Further, closed sales are up 14%.  And, despite the worries surrounding shadow inventoy The Twin Cities has seen the highest numbers in traditional home sales since 2007. 

Golman Sachs Analysts, Joshua Pollard and Anto Savarirajan, recently wrote a column in Bloomberg Business Week.  Both Pollard and Savarirajan agree, the downturn in shadow inventories has been good for the housing market and home builders.   They go on to boldy state, “Investors are quickly swallowing new foreclosure supply, limiting shadow inventory and creating a floor for home prices.  We expect any further decline in inventory to serve as a platform for price appreciation, further aiding sales.”  Twin Cities statistics support these comments. Medina sales prices continue to grow, up nearly 11% to $179,500.  

Overall inventories are down 31% since last June, taking us to levels not seen since 2004.  When potential Seller's stay on the sideline and inventories remain low, Buyer's have to pay more. Buyer's are paying 95.1% of original list price.  This is up nearly 4% and brings us to levels not seen sice, you guessed it, 2007.  

  

Kindest Regards,

Real Estate Investments
RE/MAX Results of Wayzata
Mobile (763) 229-9067
 
TwitterLinkedInBlogYouTubeEmail
~

Posted by Steve Albers on 08/06/2012
Pin It