For the third month in a row, new listing activity smashed the previous monthly records by more than 20 percent according to the Minneapolis Area Association of REALTORS®, based on statistics released by the Regional Multiple Listing Service of Minnesota, Inc. New listings in March surpassed last year’s March record by 23 percent at 10,821 units, marking the eighth consecutive month of record-setting new listing activity.
Conversely, pending sales lagged behind March 2005, posting 5,247 units for the month, close to 11 percent below the year previous. Closed sales posted 3,952 units, up 2 percent from the same time last year.
As a result of the increase in supply without a corresponding increase in demand, total listing inventory currently sits at its highest mark on record. At the end of March there were more than 26,000 single-family units on the market, which was 42 percent higher than at the same point in 2005.
“Consumers will want to set their homes apart during these changing market conditions by working directly with a trained, experienced REALTOR® to attract prospective buyers,” said Todd Shipman, president of the Minneapolis Area Association of REALTORS® (MAAR). Learn more on the Minneapolis Area Association of REALTORS® (MAAR) web site.
Category: Twin Cities Area & MN Housing Market