In a report out from The Minneapolis Association of Realtors covering the Twin Cities 13 county metro area, February figures appear dismal but is the market as dire as the numbers indicate? Pending sales were down 12% and the median sales price was down $17,000 from February 2010. It is important to note that last February buyers were driven by the tax credit so the comparison is not really an "apples to apples" comparison. I see the increase of 8.6% in pending sales from January 2011 to February 2011 as a positive sign. The commentary in the report also points out short sale inventory with offers on it are not counted in the pending sales statistics. It will be interesting to see how March numbers play out. For detailed information about your area and price range, contact me.
Jacqueline A. Knauf, RE/MAX Results
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