The Minneapolis & St. Paul real estate market continues to be in a slump.  Here are the new numbers released for July 2007:

• Closed sales are down 2.7% over July 2006.
• For the year to date, closed sales are actually down 14.4%.
• Percent of original list price received at sale is down 1.9% over July 2006 and is down 2.1% year to date.

A few bright spots to be conservatively excited about are.

• The average sale price was up 2.4% from July 2006 versus July 2007.
• Year to date the average sale price is down 0.1%.  Although negative, it is considerable stronger than other areas of the country, which are seeing considerable deflation.
• The average days on market until sale is a staggering 127 days, but is actually down from 137 days year to date.
• New listings are down 2.5% year to date.

These numbers confirm what we have been saying:  the market continues to be a very strong buyers market.  A few positive notes for sellers are that average sale prices were up in July (hopefully they will continue that trend).  Lower listings year to date means that inventories of unsold properties are actually declining which will help sellers with both time on market and price.

This information was gleened from a report published by The Minneapolis Area Association of Realtors.  S