Market statistics for May compiled by the Minneapolis Area Association of Realtors (MAAR) seem to show signs of slow recovery for the 13-county metro area.
The chart below shows year-over-year comparisons for the last three years since the data has been collected. Note how sales in 2007 were notably below 2006. This year the number of closed sales is closely paralleling 2007, consistently just a little behind last year. The number of new listings this year is significantly below the last two years and the gap between new listings and closed sales is narrowing…this is a good sign that the market is moving towards becoming more balanced.
Average sale prices took a little bump down again, not significant enough to note yet unless the trend continues…we seem to be bumping along the bottom. What is worthy of note is how the % of sale price-to-original list price is coming back up. This would seem to be an indicator that overall market prices are stabilizing and are no longer continuing to drop over the weeks and months that a property is on the market.
Click here for links to numeric data for the combined metro, as well as 125 different Twin Cities communities.