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A quick look at housing market conditions in the Twin Cities

Interest rates are edging up slightly, but still below 6.5%.  The number of homes on the market is going down, fewer homes were put on the market this Setember than last September.  The length of time it takes to sell a home has risen to 7.7 months.  There are about 8 homes on the market for every buyer.  Metro home values have gone down slightly, less than 1%. To learn more about area market conditions visit the Minneapolis Realtors Association web site.  They do a nice job with the charts and graphs.

Consumer loan, mortgage demand weakens

How To Remain Bullish On Realty Investments
. . "And investors say they should be. Current market conditions are no reason to shy from the housing market as an investment, provided you apply the basics."

Buyers are making offers but they are often offering less than sellers are asking.  Home sales are down about 15% from the same time last year but  2005 was a record breaking year.

Detailed numbers for St. Paul by neighborhood will be posted on November 10th.  The numbers below are monthly averages are for Woodbury and for the Lake Nakomis area of Minneapolis as requested by Gary, of Woodbury and Debbie, who lives near lake Nokomis.