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The MAAR Supply-Demand Ratio (SDR)—which we like to believe is a key Twin Cities housing benchmark
—shows that the market is no longer charging headlong in the buyer's favor. The SDR posts a July figure of 8.11,
which means there will be 8.11 homes for sale for each buyer in the month of July. This is down 1.6 percent from
one year ago, and means we are moving very slowly back towards a balanced market.
Since the metric takes both supply and demand into consideration, the downward movement is highly significant.
This is the first negative year-over-year change in SDR since MAAR began tracking the figures.
Despite the changing supply/demand picture, buyers are still definitely driving the housing market. The June median sales
price held steady from last month at $205,000, even though the market typically experiences a seasonal upswing in June.
This is down 11.8 percent from June 2007, a downward trend exacerbated by the increased prevalence of bargain-priced
foreclosures and short sales.
Are you catching that so far? I count at least four uses of "down." Let's look at some more June 2008 vs. June 2007
figures.
- Lender-mediated homes: median sales price of $150,500, down 11.2 percent.
- Traditional properties: median sales price of $229,900, down 3.6 percent.
- 8,858 new listings, down 13.3 percent.
- 4,346 pending sales, down 3.5 percent.
- Total inventory in the region of 33,425, down 3.5 percent.
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