Monthly market updates are compiled by the Minneapolis Area Association of REALTORS for the 13-county metropolitan Twin Cities region. Knowing that market conditions can vary significantly by specific community, they not only compile data for the entire region as a whole but also for 125 specific communities within the region. Market updates for March were recently released, very good information.
While it is useful to compare monthly data year over year my analytical side also begs to see the longer-term trends, something you can’t see in the monthly reports…so I compiled the data month-by-month since they started this reporting, results in the charts below. (click on the charts to enlarge)
It is interesting to note that listings took similar dives during the holidays both in 2006 and 2007…typical of winters in our market. Last summer there was a bigger gap between new listings and total listings, reflecting the number of listings that were lingering on the market. They have been much closer since the end of the year, with a little bump up again in March…it will be interesting to see what happens this year when spring and summer finally arrive. The number of sales and sale prices have been gradually drifting downward, and both saw a small lift in March…will next month drift back down or continue upward?
The charts below show more marked trend changes…average days on the market trending up to current average of 165…and percent of list price received trending down to the current 91%. Both have been holding relatively steady the last few months…again, what will the next months bring?
