According to the St. Paul Association of Realtors the Minneapolis/St. Paul 13 county metro area had 10.4% increase in the number of sales in January compared to January of 2010. They were also the highest since 2007. This is great news especially being that there was a homebuyer tax credit last year and showings and sales declined sharply when it ended. Now operating without the tax credit, we had more sales than last year with a tax credit. This a positive sign that we are moving in the right direction. 

I can’t express enough how this is a breath of fresh air to report an increase in the number of sales.  Since June we were reporting anywhere from 20% to as high as a 57% drop in sales following the tax credit expiration. This averaged right around a 30% decline each month. To illustrate this point, as of May 3rd 2010 (accordig to the St. Paul Association of Realtors) there was a 17.2% increase in the number of sales compared to that same time the previous year. Following that was the aftermath of the tax credit expiration. as of June 7th 2010, there was a 2.3% decrease in the number of sales with three straight weeks of over 30% less sales. July 6th, 2010 there was a 20% decrease over the previouse three months compare to that time a year ago. With that number there was 7 straight weeks of more than 30% less sales. The lowest being 32.8% and the highest being 57% less sales. August 2nd 2010, pending home sales were down 33.6%. September 7th, 2010 pending homes sales down 42%. October 4th, 2010 pending home sales down 39%. (Keep in mind that this number reflects the total of the three past months.) The previous 4 weeks were all above 35% less sales. November 1st, 2010, pending sales down 38.7%. (With the previous 4 weeks being above 34% less sales)

December 6th 2010, This is where we start to see a bit of a change in the market. The running three month total is 32.2% less sales. However, the previous 4 weeks only saw 16% less sales at the highest drop, and 4.1% less as the lowest decline in sales. January 10, 2011, the running 3 month total is at 20.3% less sales and the highest decline per week over the previous 4 weeks was 26.2% less sales and the lowest drop was 3.3% less sales. February 7th, 2011 the running past 3 month total is at only 6.2% less sales with the 8.7% less being the worst week of the previous 4.

You may be asking how was there more sales in January 2011 than January 2010. The latest stat on this weekly report ended 1/29/2011 and as of that date there were only 2007 sales recorded. The actual number for January was 2,209 in 2011 compared to 2001 sales in 2010 Roughly half of the sales were short sales or bank owned. Click here for the  jan13county metro stats from the St. Paul Association of Realtors. So, there it is. Very positive information about the current real estate market sales pace here in Minneapolis/St. Paul.