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2005 to 2007 – A Tale of Two Markets

MAAR has just released another awesome set of stats on the Twin Cities marketplace and I wanted to give you a quick overview of the key points:

June 2005 to June 2007 year to date comparison:

  2005 2007 % Change
New Listings 52,414 59,717 + 13.9%
Pending Sales 34,146 24,713 - 27.6%
Closed Sales 26,399 20,044 - 24.1%
Active Listings 21,613 34,630 + 60.2%
Median Price 231,000 232,500 + .6%
Sales to List Price 98.5% 95.7% - 2.8%
Supply-Demand Ratio 3.67 9.36 + 155%
Affordability Index 138 127 - 7.7%

What does all this mean?  Inventory way up, sales way down, sales prices back to 2005 numbers, affordability still down due to interest rates.

All time record inventory levels this year may fall some next year, but don’t expect any kind of big rebound for quite some time!  Even if buyers come back to 2005 levels it will take a couple years to work off this high inventory.

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TwinCitiesRealEstateBlog.com is not a Multiple Listing Service MLS, nor does it offer MLS access.
This website is a service of Aaron Dickinson of Edina Realty, a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc.