MAAR: Pending and Closed Sales Increased
Dramatically in September
The Twin Cities recently got some good news
about the housing market. The Minneapolis Area
Association of REALTORS® (MAAR) reported that
both pending and closed sales increased significantly
in September.
MAAR reported that there were 4,036 pending
sales in September 2008—a 42.2 percent increase
over September 2007’s number of 2,839. This
was the highest year-over-year pending sales increase
since March 1998 when the increase over
March 1997 was 38.6 percent.
MAAR said that closed sales also increased dramatically
in September 2008—34.9 percent higher
than September 2007.
Kevin Knudsen, MAAR president and branch
vice president of Coldwell Banker Burnet’s Minneapolis
South office, said, “There are some incredible
buying opportunities out there and this
is the surest sign yet.”
In addition, MAAR reported that the October 2008
Housing Affordability Index jumped to 159—21.4
percent higher than October 2007. This means
that housing is even more accessible for the average
home buyer in the local market.
Steve Havig, MAAR president-elect, said, “It’s
hard to predict now if the sales upturn will continue.
But affordability and inventory are still
very attractive, and that bodes well for our
long-term picture.”
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