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March Market Update... Pending Sales up

Posted on the 15 April 2011 by Homesmsp @HomesMSP

March pending sales jumped as it usually does at this time of year. Not as high as the last two years during the tax credit, but a healthy jump nevertheless. The weekly report that came out April 11 showed the highest pending sales totals so far this year... hopefully a good sign.

2011-03-pendingsales
 

New listings also jumped up, still significantly below last year as expected but also below 2007-2009. It will be interesting to see how the rest of the years compares.

2011-03-newlistings
 

The total number of homes available for sale has stayed so steady so far this year it is almost surreal... a similar non-curve to 2009 and the smallest selection of homes for sale at this time in the last 4 years and maybe longer. This is one of those good news - bad news stories... good news for sellers because they have less competition and bad news for buyers because they have fewer choices.

2011-03-ttlhomes
 
Median price dropped yet again... this month's chart showing year-over-year to better see that comparison. Foreclosures made up 55% of last month's sales which put downward pressure on prices. Price reductions have been neck-in-neck with new listings lately. It will be interesting to see if median price rises again because of the lower supply of homes available for sale.
2011-03-medianprice4
 
Last month housing affordability dropped a bit and I thought maybe it had peaked... but lower prices this month combined with continued low interest rates and an unemployment rate 2 points below the national average of 8.8 helped it hit yet another peak. The mantra that this is a great time for buyers still holds true.
2011-03-affordability
 

The figures above are based on statistics for the combined 13-county Twin Cities metropolitan area released by the Minneapolis Area Association of Realtors. Click here for local reports on 200+ metro area communities. Click here for current interactive market analytics by MLS area, city or zip code.


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