Today the Minneapolis Area Association of REALTORS released their weekly update of housing statistics for the Twin Cities and showed that for the week ending 4/24/2010, there were 1184 properties in the 13 county region that went to “Pending” status, meaning an offer has been accepted by the seller and the property is no longer available for showings.
While this is the strongest number of the year and very close to the highest weekly numbers seen in 2009, it looks like the final week of April will go down as the busiest week in the Twin Cities housing market sing 2005. Based on an MLS query I just ran, it appears that approximately 1450 properties Pended from 4/25/10 to 5/1/10! It is also quite likely that the week ending 5/8/10 will also be a good week since often houses do not go Pending until after a buyer completes their inspection(s) of the property and the seller stops all showings.
While the home buyer tax credits no longer apply to newly accepted offers, the effects of the credit will still be seen for the next couple of months in our housing numbers as we see all these pended properties close. While I don’t see nor expect the housing market to come to a screeching halt now that housing has to support itself, I feel pretty confident in saying that we’ve seen the busiest weeks of the year.
I’m so glad to see that the market in the Twin Cities is doing so well. Best week since 2005? That would be quite a feat even is there had not been a recession. While some areas of the market may still be sluggish;(ahem . . .Fort Worth, Texas) when I hear news like this . . .I have confidence that the housing market is making it’s comeback. Home buyer credits or not, owning a home is still a part of the American dream. That’s why I have faith the American people will do whats necessary to ensure that dream stays alive. Shelly McCravits | Home Loan Counselor