According to the Minneapolis Area Association of REALTORS® (MAAR), so far this year, the Twin Cities housing market looks very similar to January 2009 in terms of pending sales, new listings and inventory.

MAAR reports that the February 2010 Supply-Demand Ratio currently resides at 6.99.  That means there are 6.99 homes available for each buyer.  This number is 8.5 percent lower than it was one year ago and the lowest February mark since 2006.  Fewer homes on the market per buyer is good news for sellers because it translates to less competition, and is also good news for the overall market in its slow movement toward greater balance.

December’s average number of days a home was on the market before sale resided at 132.  That means repeat homebuyers looking to capitalize on the $6,500 tax credit should already have their home listed for sale – or be listing it immediately - in order to have the best chance at selling by the deadline.  Qualified, prospective homebuyers looking to capitalize on either tax incentive ($8,000 first-time homebuyer or $6,500 repeat homebuyer) will need to have a signed purchase agreement by April 30, 2010, and will need to close on their home by June 30, 2010. For more information about the tax credits, click here.