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The Barkleys Edina Realty Eden Prairie, MN

The Barkleys continue to be ranked as 'Super Realtors' by the Minneapolis St. Paul Magazine & Twin Cities Business and are members of 'Elite Realtors' with Unique Homes Magazine! We currently are in the top 1/2% of all the Realtors in America because we are leaders, innovators and we use these attributes to provide our clients the highest levels of results.

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Weekly Market Activity Report

Weekly Market Activity Report

"How's the Market?" (Elevator Edition): New listings remain subdued with 15 weeks in a row of year-over-year declines. Buyer activity is strong with 19 straight weeks of year-over-year gains. Inventory has posted 31 consecutive weeks of year-over-year decreases.

"How's the Market?" (Dinner Conversation Edition): New listings were down 22.5 percent to 1,311 and pending sales were up 40.6 percent to 883 contracts. The inventory bins contained 23,453 active listings at the start of last week – down 22.2 percent from last year. The Percent of Original List Price Received and Months Supply of Inventory metrics suggest a slowly improving landscape for sellers although they are still entrenched in buyer-favorable territory for the time being.

The Barkleys

Direct (952) 947-0334
Cell (612) 805-5056

Email: jasonbarkley@edinarealty.com
www.jasonbarkley.com

Weekly Market update.

With some September data in the mix, seller activity showed a continuation of its intermediate-term holding pattern, with 14.3 percent fewer listings than the same week in 2010. The 1,313 new listings were more or less on pace with their 3-month 12.0 percent average decline.

Similarly, buyer activity continued to post large gains over the 2010 slowdown. This time, Twin Cities home buyers entered into 976 purchase agreements or 35.6 percent more than the same week last year.

As we've previously pointed out, shrinking inventory levels can be an important market signal. There are currently 23,849 active listings from which buyers can choose, 20.9 percent fewer than last year at this time.

Next week, watch for a changing story with absorption rates and seller concessions. As supply and demand attempt to find neutral ground, sellers are making fewer concessions in order to sell their homes.

The Barkleys

Direct (952) 947-0334
Cell (612) 805-5056

Email: jasonbarkley@edinarealty.com
www.jasonbarkley.com

Weekly market Update

Weekly Market Update:

We are now up to 14 consecutive weeks of accelerating inventory attrition. Let's go out on a limb and call this a pattern. For the current period, the number of active listings was down 20.6 percent to 24,047 properties. That's the largest inventory decline in nearly eight years. The metric is now back around first-quarter 2006 levels.

It's plain to see what's driving these declines. Sales are up and listings are down, allowing buyers to absorb the active supply of homes. Buyer activity was up 43.3 percent to 957 purchase agreements signed. While those 957 contracts are reminiscent of 2007, 2008 and even 2009 purchase levels, they far exceed the 2010 summer slowdown. We have now reached 16 consecutive weeks of double-digit gains in buyer activity. Once again, it feels safe to call that a trend.

These undercurrents are flowing into other metrics, such as month’s supply and measures of seller concessions. Month’s supply of inventory was down to 7.7 months, the first year-over-year decline since June 2010. On average, sellers are receiving more of their asking price. Augusts’ monthly figures, due to be released next Tuesday, should show a continuation pattern of the trends reported for July.

The Barkleys


Direct (952) 947-0334
Cell (612) 805-5056

Email: jasonbarkley@edinarealty.com
www.jasonbarkley.com

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