Minneapolis Real Estate Market Report 2009

Video from Minneapolis Minneapolis Area Association of REALTORS

Are you wondering what the Minneapolis real estate market did in 2009?  Watch the video and find out what information Realtors are assessing to determine market trends. The video summarized the results for four major indicators  that tell us that Minneapolis real estate is coming back:

1. The market improved significantly over the last year. The year 2009 will be remembered as the year that the Minneapolis real estate market started to recover. There were a number of indicators that the housing market is healing.

2. There were 52,000 pending sales tallied at the end of 2009. This is an increase of 18%. This represents the biggest number of buyers since 2005.

What can this market increase be attributed to?

• Pent up demand
• Increased affordability
• Federal tax credit
• Low rates

3. Home sales under $150,000 jumped 72%. First time Minneapolis home buyers rushed into the market to take advantage of the first-time homebuyers tax credit.

4. Inventory is down 22% at the start of this year compared to last year. The supply of homes is down to five months.  Five or six months is considered to be a healthy market.

Possibly related posts:

1. Minneapolis Housing Market Report