Ugly Quarter: Twin Cities Home Sales Lowest in 10 Years

by Alex Stenback on April 11, 2007

Just in from the Twin Cities Business Journal:

A study released by the St. Paul Area Association of Realtors Wednesday
says that home sales in the Twin Cities for the first quarter of 2007
were at their lowest in 10 years.

This is a fact that should surprise few, but a closer look shows it was truly an ugly quarter:

  • Median sales prices declined .89% from one year ago.
  • New listings were down 1.23% (roughly 340 fewer homes listed)
  • Pending sales down 13%

With respect, we did find amusing the statement from Steve Hyland, president of the Saint Paul Area Association of Realtors:

"…we still have a
very healthy local housing market as indicated by the increase in
showings, open house traffic and relatively steady median sales prices
throughout the metro."

Clearly an attempt to add some positive spin on a real stinker of a report, (which we grant is part of his job description,) but it reminds us of the best Dilbert cartoon ever, with the punchline:
"This week, I have achieved unprecedented levels of unverifiable productivity."

ยท Home Sales at 10-Year Low []

{ 2 comments… read them below or add one }

derrik April 11, 2007 at 11:15 pm

Hard to believe. I had a record (quantity) sales month in Jan and Feb. March however…

Whats with this freaken snow?

Harold April 12, 2007 at 11:28 am

Easy to believe when you see the countless condos sitting empty downtown. Realtors can keep re-listing them but I swear half of North Loop has been on the market for at least a year. The folks who own all those 710′s, 720′s and Tower Lofts are going to have to wait for another wave to unload those turkeys.

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