For Immediate Release
May 8, 2008
Contact:
Patrick Ruble or Meg Chiodo
Saint Paul Area Association of REALTORS®
651-776-6000
pruble@spaar.com
mchiodo@spaar.com
Encouraging Signs for the Twin Cities Metro
For the first time in 2008, the number of active listings (single family residential, including condos, townhomes and twinhomes) for the 13-county metro has dropped below previous months levels. In April the number of active listings was down 3.1 percent from one year ago. At the end of April in 2007 there were 33,374 active listings reported, while April end of month 08 active listings was reported at 32,325.
“Minnesota seems to be recovering faster than the rest of the nation month to month on the whole”, stated Greg Bauman, President of the Saint Paul Area Association of REALTORS®.
A positive sign that has been affecting the market’s balance is the relatively slow pace of new listings added to the RMLS system month-over-month compared to previous seasons. While the number of new listings added to the system in April 08 grew by 11.53 percent from March 08, the total new listings, for the year is down 9.52 percent compared to 07. Year-to-date new listings are 34,603 compared to 38,245 in the first four months of 07. Compared to April 07 when there were 10,742 new listings reported, the number of new listings in April 08 is down 11.51 percent with 9,506 reported.
Pending sales, while seemingly picking up steam, continues to lag behind previous years April numbers. There were 4,208 pending sales reported for the 13-county metro in April 08 compared to 4,507 during the same period in 07, a decline of 6.63 percent. However, the market appears to be working toward a rebound when compared to month-over-month views. There were 576 more pending sales reported in April 08 than March 08, an increase of 15.86 percent, a stronger percentage showing than the April over March numbers reported in 07. During that period the month-over-month increase was only 253 pending sales for a percentage increase of 5.95 percent.
Mr. Bauman also stated that “this trend looks to continue through the summer market. Buyers are coming back into the market because they can see the bottom and the opportunity is now.”
In the 13-county metro there were 3,127 closed home sales in April 08 compared to 3,440 reported one year ago, a decline of 9.1 percent. The spring selling season appears to be picking up some momentum from the sluggish winter months as there were 440 more closed home sales in April 08 than March 08, an increase of 16.38 percent. This is slightly better than the increase reported in March 07 over April 07 of 12.56percent.
The median sales price continues its struggle upward from a dismal 08 beginning when, in February the median price of a closed home sale dipped to $195,060. The April median sales price in the 13-county metro came in at $204,500, up 2.25 percent from March 08. The decline from April 07 however was 7.88 percent when the median sales price was reported at $222,000.
According to calculations the months’ supply of inventory also dropped in April to 8.1 with average days on market for sold properties at 85.
On a weekly basis the reported pending sales continue to show an upward trend with less erratic behavior than 2007. New listings added to the system, on a weekly basis, continue to trail last year’s numbers, as well.
Housing statistics include existing single family homes, condominiums and townhomes. Statistics are provided by the Saint Paul Area Association of REALTORS® and are based on data supplied by the Regional Multiple Listing Service.
The Saint Paul Area Association of REALTORS® represents 4,000 members involved in all aspects of the real estate industry.
For more information about Twin Cities area home sales statistics, contact Patrick Ruble at 651-772-6343 (pruble@spaar.com) or Meg Chiodo at 651-772-6341 mchiodo@spaar.com).
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B. Patrick Ruble
Government Affairs Director
Saint Paul Area Association of REALTORS®
651-772-6343
pruble@spaar.com
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