Weekly Market Report

Consumers are already starting to lean toward 2015, so let’s look ahead ourselves before we hit the weekly tabulations. With virtually no inflation to speak of, interest rates should remain low for the foreseeable future but could flirt with 5.0 percent toward the end of next year. Both new and existing inventory levels should rise – which is more of a continuation than a new development for many communities. Prices are also expected to increase but not by much, which should help first-time buyers. Job growth is likely to continue, and wage growth is expected to pick up.

In the Twin Cities region, for the week ending November 15:

  • New Listings decreased 14.5% to 857
  • Pending Sales decreased 1.6% to 749
  • Inventory increased 3.5% to 16,692

For the month of October:

  • Median Sales Price increased 6.7% to $208,000
  • Days on Market decreased 4.0% to 72
  • Percent of Original List Price Received decreased 0.6% to 95.2%
  • Months Supply of Inventory increased 13.5% to 4.2

All comparisons are to 2013

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

November Monthly Skinny Video

Where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity. Narrated by David Arbit, Research Manager at the Minneapolis Area Association of REALTORS®, video produced by Chelsie Lopez.

Weekly Market Report

As fall finally goes dim, winter emerges as the prevailing wind through the marketplace. While optimism serves as a white rose through this phase, moderate unemployment rates have given pause to overabundant optimism. All the same, the desire for homeownership remains high among those willing to absorb some risk while attracting enthusiasm.

In the Twin Cities region, for the week ending November 8:

  • New Listings decreased 2.8% to 1,104
  • Pending Sales increased 2.0% to 826
  • Inventory increased 4.1% to 16,972

For the month of October:

  • Median Sales Price increased 6.7% to $208,000
  • Days on Market decreased 4.0% to 72
  • Percent of Original List Price Received decreased 0.6% to 95.2%
  • Months Supply of Inventory increased 13.5% to 4.2

All comparisons are to 2013

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

Gains in Traditional Activity

In October 2014, overall buyer and seller activity both cooled slightly in the 13-county Minneapolis–St. Paul metropolitan area. Pending sales declined 1.3 percent from last year, while new listings decreased 2.3 percent.

Gains in traditional activity nearly offset dramatic declines in the foreclosure and short sale arena. Inventory levels rose 4.3 percent to 17,132 homes, providing buyers with more options. The median sales price rose 7.2 percent to $209,000, marking 32 consecutive months of year-over-year median price gains. Price per square foot rose 5.6 percent to $123.

The amount of time a home spends on the market fell 4.0 percent to 72 days, on average. Months’ supply of inventory rose 10.8 percent to 4.1 months, suggesting that the market is moving back toward balance after favoring sellers. The sales mix continued to skew toward traditional homes that sell in less time and at higher price points.

Despite an overall 2.3 percent decrease in seller activity, traditional new listings rose 6.7 percent while foreclosure and short sale new listings were down 42.4 and 31.3 percent, respectively. Similarly, overall closed sales were down 1.5 percent, but traditional closed sales rose 9.7 percent while foreclosure and short sale closings fell 41.1 and 48.3 percent. Market-wide inventory levels increased 4.3 percent, but traditional inventory was up 17.9 percent while foreclosure and short sale inventory levels declined 39.0 and 43.5 percent.

The Twin Cities housing affordability index of 188 means that the median household income was 88 percent higher than what’s necessary to qualify for the median-priced home given current interest rates. While the index is below its 2012 peak, it remains above its long-term average.

According to the Bureau of Labor Statistics, the Twin Cities has the lowest unemployment rate among major metros in the nation at about 3.8 percent. The national rate recently dropped below 6.0 percent for the first time since 2008.

From The Skinny Blog.

Weekly Market Report

As many markets begin to prepare for colder weather or festive family gatherings, a familiar seasonal slowing will begin to creep into the weekly numbers. Yet housing activity can be expected to float along at a seasonally healthy pace like a fallen leaf on a lazy river. With no big, negative economic news on the horizon, reliable sales, price and inventory figures, though not flashy, are quite welcome.

In the Twin Cities region, for the week ending November 1:

  • New Listings decreased 9.2% to 1,076
  • Pending Sales decreased 6.2% to 940
  • Inventory increased 5.7% to 17,760

For the month of October:

  • Median Sales Price increased 7.2% to $209,000
  • Days on Market decreased 4.0% to 72
  • Percent of Original List Price Received decreased 0.6% to 95.2%
  • Months Supply of Inventory increased 10.8% to 4.1

All comparisons are to 2013

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

Weekly Market Report

In the buildup of anticipation for the season of pumpkin carving, caramel apple eating and haunted house touring, it came out that one number was spookily down. Homeownership is at its lowest point in 20 years and has been steadily dropping since the housing bubble years from 2004 to 2006. Interestingly, we are now at levels consistent with a healthy market. Also, rising rents should eventually give cause to more households seeking ownership positions. So-called bad news is good, especially in the dark days surrounding Halloween.

In the Twin Cities region, for the week ending October 25:

  • New Listings increased 4.5% to 1,267
  • Pending Sales decreased 10.4% to 861
  • Inventory increased 5.5% to 17,894

For the month of September:

  • Median Sales Price increased 5.1% to $205,000
  • Days on Market remained flat at 71
  • Percent of Original List Price Received decreased 0.9% to 95.6%
  • Months Supply of Inventory increased 18.4% to 4.5

All comparisons are to 2013

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

October Monthly Skinny Video

Where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity. Narrated by David Arbit, Research Manager at the Minneapolis Area Association of REALTORS®, video produced by Chelsie Lopez.

Weekly Market Report

Rising home prices and continued housing stability continue to lure new listings
and keep inventory at a comfortable level. Although things like student debt and
lethargic wage growth may provide some obstacles for first-time home buyers,
those on the hunt for homes are still graced by relatively low inflation and low
mortgage rates. The seasonal slows may settle in soon, but the market remains
mostly content.

In the Twin Cities region, for the week ending October 18:

  • New Listings increased 1.6% to 1,310
  • Pending Sales increased 5.1% to 912
  • Inventory increased 6.1% to 18,094

For the month of September:

  • Median Sales Price increased 5.1% to $204,999
  • Days on Market remained flat at 71
  • Percent of Original List Price Received decreased 0.9% to 95.6%
  • Months Supply of Inventory increased 18.4% to 4.5

All comparisons are to 2013

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

Weekly Market Report

As we turn toward the final and typically quietest quarter of the year, it is easy to wonder if we are destined to lose the stability that we have worked hard for throughout the U.S. However, gloomy considerations are readily put aside after considering a recent investigation by the International Monetary Fund into the real estate markets of other countries. It turns out that our national housing price-to- income ratio is fairly conservative. At this rate, we will soon stop talking about the process of housing recovery and just call it recovered.

In the Twin Cities region, for the week ending October 11:

  • New Listings decreased 6.6% to 1,423
  • Pending Sales increased 6.8% to 955
  • Inventory increased 7.5% to 18,178

For the month of September:

  • Median Sales Price increased 5.1% to $205,000
  • Days on Market remained flat at 71
  • Percent of Original List Price Received decreased 0.9% to 95.6%
  • Months Supply of Inventory increased 15.8% to 4.4

All comparisons are to 2013

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

Weekly Market Report

Every story needs a hero, and housing’s current starlet is (drum roll, please) inventory. More markets continue to see increases in homes for sale, giving buyers more options and keeping prices from trying to overshadow the popularity of inventory with unsustainable stardom. As autumnal extracurriculars pick up and department store decorations trend towards the mustard palate, sales may drop off some, but the subplots of normalization and stabilization should remain popular with year-over-year inventory increases in the leading role.

In the Twin Cities region, for the week ending October 4:

  • New Listings decreased 3.8% to 1,477
  • Pending Sales increased 1.7% to 1,063
  • Inventory increased 10.9% to 18,696

For the month of September:

  • Median Sales Price increased 5.1% to $205,000
  • Days on Market remained flat at 71
  • Percent of Original List Price Received decreased 0.9% to 95.6%
  • Months Supply of Inventory increased 15.8% to 4.4

All comparisons are to 2013

Click here for the full Weekly Market Activity Report. From The Skinny Blog.