The Minneapolis Area Association of Realtors (MAAR) reported that new listings for December 2006 were behind the prior year’s December listings by 58.7 percent.
The average sale price of $238,285 in December was 17.5 percent below the average sale price in December 2005.
“What few seem to be talking about is that a price pause is exactly what we need right now to improve affordability,” said Todd Shipman, 2006 president of the MAAR. “An accessible market is a healthy market.”
The average Downtown sale price for all of 2006 was up 7.2 percent, while the average sale price for the Twin Cities region was up 2.2 percent.