What’s the Market Doing?
Is the market rising, or falling?
The Minnesota housing market is still chugging right along this winter. It’s no doubt that activity goes down along with the temperature during the colder months of the year, but some home numbers indicate that the turn of the market is near. Here’s the latest numbers for you to chew on in the Twin Cities:
Month of October
- New Listings: 7,105 (2008) 8,108 (2007) Down-12.4%
- Closed Sales: 3,480 (2008) 3,254 (2007) Up+6.9%
Let me help you make sense of these figures: Less new listings means less homes for buyers to choose from, and less competition for homes listed currently. More closed sales means buyers are out getting properties, including a lot of first time home buyers and investors.
Why are these things good? Because of simple supply and demand. As Supply continues to go decrease, and demand grows, prices will eventually even out and come back to positive appreciation. Now that the credit markets have learned their lesson, we have less of a chance of seeing another meltdown once prices return to higher numbers.
Whether your buying your first home or looking to make a move in the next year, make sure you get the facts from a REALTOR® and a trusted mortgage broker. Contact me if you’d like to get more information on the home buying process.
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