Twin Cities Market Snapshot

MARKET UPDATE - SEPTEMBER 2009

Do we dare say we’ve “hit bottom” in the housing market? That’s what many experts are speculating and statistical trends in our area seem to support that theory. According to the Minneapolis Area Association of REALTORS (MAAR), buyer activity continues to grow and supply is shrinking. There are fewer homes available per buyer than at any point since 2005 and inventory is expected to tighten through the remainder of the year. And the best news? Home prices, while still nearly 20 percent below last year, have been on the rise recently. This is largely because we’ve worked through much of the distressed property inventory that was so pervasive this spring.