We are starting to see trends that are telling us that the real estate market in the Twin Cities
seems to be stabilizing. Just last month, there were fewer homes on the market and more homes being sold. This is something that we as Realtors love to see more of.
In August, there were 23,502 that were active listings in the Twin Cities area which showed a 21.4 percent decline from the previous year AND the biggest annual drop since 2004! This was given by the Minneapolis Association of Realtors which keeps track of stats for the metro and surrounding area.
Thankfully, this report also indicates that there is a large increase in homes being purchased, a whopping 46.4 percent more than August 2010, which was right after the tax credit expired. Even when I think about our real estate market last fall, I can still feel like I was kicked in the stomach. It was that painful!
President-elect of Minneapolis Association of Realtors
, Cari Linn says, "The fact that there were literally no jobs added nationally in August is fairly worrisome for many in our industry."
With all this being said things seem to be heading in the right direction for the housing market....finally!
We have just partnered up with an investor who has helped several of our clients purchase their dream home. They find affordable one story to one and a half story homes and turn them in to a spacious more desireable two story home. It is a great way of getting what you want, where you want. A project is set to begin next month and I will be posting updates on the process so you watch it from beginning to end. If you are interested in following us, make sure you sign up to receive a notice of any new blog entiries.
See you soon!
Scott Wollmering is a long time agent with RE/Max Results. He is the team lead for the WE Team, an award winning team for the past several years and counting. Scott is also a co-host for a weekly radio talk show, The Minnesota Real Estate Show on AM 1130 every Saturday morning at 11 to noon.