Here's the link to the most recent Minneapolis Association of Realtors. This month's Twin Cities MLS market stats show the doom and gloom of the local market conditions. The sky is falling, our economy is heading into a recession, home prices are in a free fall, blah, blah, blah.

http://www.mplsrealtor.com/Segments/Realtors/mhs_2008_01.pdf

Here's my take on the recent stats; If you look at pages 6 and 7 of the report the bottom chart shows the historic fluctuations of the median and average sales prices. Yes there are monthly fluctuations!  Last year nearly 40,000 properties sold in the Twin Cities. The powers that be are predicting 41,000 to sell in 2008!  Yes the numbers are down from 2004 and 2005. However, there are different homes selling. The foreclosure/REO/short sales have taken the place of the high dollar new construction and downtown condos.  Distressed sales are up 10-15 percent while new construction is down.  This might help explain the 10% drop in the MEDIAN sale price (mid-point). More bottom quartile properties are selling than the top quartile, thus pulling the numbers down. 

The long and the short of statistics it this; they are a generalization of the overall market.  Like people, no two homes are alike. Location, Location, Location plus Condition, Marketing and the Realtor navigating the journey will influence the outcome!

My glass is half full! Happy Valentine's Day!  xoxo