Updated market information
Recent statistics are as follows:
1.Sales are up 17% for the month of October!
2. Of those sales, 51% were either “short sales” or foreclosures. This number has continued to increase and tends to drive prices down.
3. Showing activity for the month increased over last year in most districts. This is a positive trend.
4. New listings declined by 9%. This concept represents another positive trend as we move (albeit slowly) toward a more balanced market.
5. There are approximately 10 homes for every buyer which is down 13.8% from last year.
6. There are currently 4534 homes listed in all districts, which represents a 20 month supply.
We continue to have brisk activity in open houses with people seeking information and the desire to move. The challenge continues to be to educate and help clients with confidence to make this decision.
I am mailing a postcard with most of my current listings to over 5000 people in the Twin Cities this week. Look for yours!
