The report was just released today by the MAAR-Minneapolis Area Association Of Realtors.  It is a very interesting report.  It gives you a lot of data regarding what occurred within the Twin Cities metropolitan real estate market.  It covers price data, median prices, unit and price sales data for each city and suburb surrounding the Twin Cities, and even price per sqft in each community.  If you like data, this is YOUR report.  It also shows the trend in pricing from 2001+ and the percentage change from from 2001 and 2006.  

If you are a consumer, you will want to review this report when selecting an area.  You can have access to the report via a download on my Minnesota Real estate site.  On the lower left hand side you will see Reports/Press Releases.  It is about the 5th or 6th item on the list. 

On that same list, you will find the MAAR 125.  This provides you with month over month and year over year data comparison.  Most interesting to note is the percentage of list to sales price.  You will find the range is 90-97% within most communities.  The more desirable communities will hold closer to the 97% whereas the communities under more pressure will be lower.  What does this mean?  It means that sellers are NOT taking huge price reductions.  Why is this important?  YOU need to manage your expectations.  I have met with some buyers recently who think that they can go in and bid whatever they want and the seller should accept it.  The data doesn't lie.  As a whole, sellers aren't taking huge hits in pricing.  Obviously, price to offer acceptance is all about area and will be house specific.  With that in mind, don't plan on stealing a house.  Plan on buying a house that suits your needs.  The sellers in this market are aware of the market and are pricing their home to sell.