Waiting for the Wall (and Ducking)

by Alex Stenback on June 13, 2006

Way back in November 2005, we predicted the emergence of a buyers
market in 2006, and it appears that it is now in full bloom.  Case in point, this tidbit from the Strib, which unpacks the latest metrics from our local realtor associations.

New listings of 11,419 homes in the 13-county metro area were a record
high for the 10th consecutive month. Closed sales fell to 5,039, more
than 9 percent below the 5,553 sales in May 2005. Pending sales –
deals not yet closed — were down 14.5 percent to 5,749

Not a pretty picture for the sellers out there – buyers, sensing blood in the water, are now inclined to wait for steep price reductions before moving in for the kill.  In better news, we are still noting that well priced homes in the first time buyer bracket – roughly $150-250K – are moving fairly quickly.
ยท Metro Market Awash in Homes for Sale [startribune.com]

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