Every week I look over updated stats from the Minneapolis Area Association of REALTORS to see what new things I can learn from them and I’ve found another interesting thought:
As of 1/22/2008, the Twin Cities region has 12.2% more listings today than we did a year ago. The 3-month average is 10.8% higher this year over last as well, so this is clearly a solid trend.
June 2007 to September 2007 saw a peak of about 35,000 listings. If we’re currently running a little more than 10% ahead of last year, it seems pretty easy to envision a peak of around 38,500 listings this year.
As of January 22nd, we stood at just under 28,000 lisitngs so we’re looking at approximately an additional 10,500 listings on the market in the next 5 months.
Now this is all just a guess but if you think it through I believe you’ll see it makes a lot of sense. I’ll have to revisit this post this Summer to see how I fared. Anyone care to make their own prognostication?
Something that I stumbled upon was actually going back and seeing who viewed my listings and then checking them out on the MLS to see if they actually sold a house to their client. It’s kind of fun, in a masochistic and voyeuristic sort of way. If they didn’t find a home yet, well, we as Realtors can keep selling our listing. On the other hand, if they did find something…and you know your competition…at least you know and can bring it up to your seller.