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.
