Bruce Erickson

612-382-4099

Weekly Market Report

by

For Week Ending May 1, 2021

The National Association of Home Builders’ latest Housing Trends Report found that in Q1 2021, 16% of American adults were looking to purchase a home in the next 12 months, up from 10% from a year ago and now at the highest level since Q1 2018. The Millennial generation saw the largest change in expectations year over year, with 32% planning to buy in the next 12 months, double the levels seen in Q1 2020.

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

  • New Listings increased 10.8% to 1,730
  • Pending Sales increased 25.5% to 1,534
  • Inventory decreased 47.8% to 5,406

For the month of March:

  • Median Sales Price increased 10.5% to $328,231
  • Days on Market decreased 36.1% to 39
  • Percent of Original List Price Received increased 2.7% to 101.9%
  • Months Supply of Homes For Sale decreased 47.4% to 1.0

All comparisons are to 2020

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Third Post

by

Little Car Image
WordPress’ growing market share is fueling a continual influx of new users but also a higher level of scrutiny around advertising. Companies with large advertising budgets target this segment of consumers, because many who are new to WordPress need help hosting and creating their websites.

Last week Bluehost pulled an advertisement that misused WordPress’s trademark. The company’s PR department has not responded to our request for comment, but onlookers have noted that this isn’t the first time Bluehost has floated questionable ads. Multiple Facebook campaigns, dating back several years, include trademark abuses, as well as active campaigns on YouTube in various markets.

In another advertising-related matter, Elementor, a popular page builder used by more than five million websites, has caught some attention recently for its Google ads that target “full-site editing.” Birgit Pauli-Haack, the publisher of the Gutenberg Times, pointed out the ads last week in the Post Status Slack community.

Weekly Market Report

by

For Week Ending April 24, 2021

A bit of good news this week on the home affordability front as the 30-year fixed-rate mortgage slipped below 3 percent to 2.97%, according to Freddie Mac. The benchmark 30-year fixed-rate mortgage rate, while still higher than a few months ago, remains more than one third of a percent less than the same time last year. The slight pullback in rates may be short lived, however, as Nadia Evangelou, senior economist for the National Association of REALTORS®, still expects rates to rise in the coming months.

In the Twin Cities region, for the week ending April 24:

  • New Listings increased 14.5% to 1,687
  • Pending Sales increased 38.4% to 1,509
  • Inventory decreased 47.5% to 5,337

For the month of March:

  • Median Sales Price increased 10.4% to $328,000
  • Days on Market decreased 36.1% to 39
  • Percent of Original List Price Received increased 2.7% to 101.9%
  • Months Supply of Homes For Sale decreased 47.4% to 1.0

All comparisons are to 2020

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Second One

by

Coffee800WordPress theme development company Themix released its third free theme to the official directory this week. Churel is described as a theme for organizations and businesses that also works for traditional blogging.

The development team has a keen eye for modern color schemes and font families. The theme has a refreshing design that is rare for the free theme directory, at least at first glance. It is the sort of project with just the right amount of eye candy to pull users in.

If that was everything necessary for great design, the theme would land in my top 10 picks from WordPress.org without a second thought. However, after digging deeper, it was clear the design had some issues. They are fixable. It would not take much nudging of a few CSS rules to make this a much better theme, so let’s just dive right into the problems before getting into the good stuff.

The theme’s most clear-cut flaw is with its typography. Sizing and words-per-line work well enough. The default Open Sans font is rarely a poor choice for readability. However, the line height is far too large for a good flow, and the white space between paragraphs makes it tough to tell where one ends and the other begins. It is almost as if the team got halfway through with fine-tuning the typography and decided to simply stop. It is a glaring issue that makes the theme practically unusable for long-form content, but it could be addressed with two minor style changes.
Good Time To Buy

First One

by

New Castle in the sky
Hear and Learn from a panel of veteran agents that have all persevered through difficult markets in the past and have managed to stay relevant and successful. Hear how they shifted their business to meet market conditions in the past crash and what they are doing today to ensure success and longevity for years to come. Also, we will learn about their outlook on the future of the real estate and how it will impact current and newer agents alike. You will not want to miss this one!

Featured panelists:
Kath Hammerseng has a passion for residential sales as a 25-year veteran Realtor® with Edina Realty. She is lauded by colleagues for her professionalism, integrity, and vision in setting big goals. With a career background rooted in business and education, Kath’s approach is to teach her clients everything they need to know to make the right real estate decisions for them.

John Schuster has sold over 3,800 homes in his 18-year career and is an eight-year recipient of #1 Listing Agent with Coldwell Banker Burnet Realty statewide. He ranks in the top one percent of agents in sales nationally. John is known for being personable, communicative, and his clients’ number one advocate.

Cotty Lowry started investing in real estate in 1975 and began his career in real estate sales in 1980. He joined Keller Williams Integrity Lakes as an owner/agent in 2005. Cotty goes everywhere to learn the influencing factors on a home’s value and desirability. Couple fresh knowledge with the experience of 30+ years of buying and selling real estate in the Minneapolis Area, and you’ve got a valuable resource.

Weekly Market Report

by

For Week Ending April 17, 2021

A new analysis by housing giant Freddie Mac suggests that the U.S. housing market needs 3.8 million more single-family homes nationwide to meet demand. Sam Khater, Freddie Mac’s chief economist, noted “we should have almost four million more housing units if we had kept up with demand the last few years.” While new construction activity has increased in recent years, it has never fully recovered to its previous peak more than fifteen years ago.

In the Twin Cities region, for the week ending April 17:

  • New Listings increased 19.0% to 1,582
  • Pending Sales increased 45.3% to 1,481
  • Inventory decreased 47.6% to 5,276

For the month of March:

  • Median Sales Price increased 10.4% to $328,000
  • Days on Market decreased 36.1% to 39
  • Percent of Original List Price Received increased 2.7% to 101.9%
  • Months Supply of Homes For Sale decreased 55.0% to 0.9

All comparisons are to 2020

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Weekly Market Report

by

For Week Ending April 10, 2021

Home prices are not the only rising cost for prospective homebuyers. ATTOM Data Solutions’ latest property tax analysis of nearly 87 million single-family homes in the U.S. found the average property tax bill rose 4.4 percent from 2019 to 2020, to an average of $3,719 for a single-family home. Nationwide, the average effective tax rate was 1.1% of the property’s value in 2020, down slightly from 1.14% in 2019.

In the Twin Cities region, for the week ending April 10:

  • New Listings increased 27.1% to 1,658
  • Pending Sales increased 20.8% to 1,249
  • Inventory decreased 49.3% to 5,086

For the month of March:

  • Median Sales Price increased 10.4% to $328,000
  • Days on Market decreased 36.1% to 39
  • Percent of Original List Price Received increased 2.7% to 101.9%
  • Months Supply of Homes For Sale decreased 52.6% to 0.9

All comparisons are to 2020

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Tight market pushes home prices to new record high in Twin Cities

by

Inventory hits an 18-year low with buyers competing for fewer listings

(April 16, 2021) – According to new data from the Minneapolis Area REALTORS® and the Saint Paul Area Association of REALTORS®, the median price of a home in the 16-county Twin Cities metro increased 10.3 percent from last March to a record high of $327,500. Prices were driven in part by a lack of supply.

The number of homes for sale at the end of March was half of what was available a year ago. That marks an 18-year low and amounts to 0.9 months of supply. A balanced market typically has 4-6 months of supply. Market times shrank 37.7 percent to 38 days and multiple offers remain commonplace.

“Demand is still growing faster than supply,” according to Tracy Baglio, President of the Saint Paul Area Association of REALTORS®. “With less than one month of supply, buyers must be patient and understand they may lose out on a few bids before an offer is accepted. Be ready to act fast.”

Sellers listed 11.6 percent fewer homes than March 2020, offering little relief to buyers eager for more options. However, sales activity climbed above year-ago levels for the tenth straight month. Buyers continue to be motivated by attractive mortgage rates, a healing labor market and a desire for more space.

“On top of lightning-fast market times, those who choose to sell their home are often rewarded with offers at or above asking price,” said Todd Walker, President of Minneapolis Area REALTORS®. “For buyers, that means writing strong, straightforward offers right away. For sellers, it means their listings will stand out and will likely sell quickly at full price or better.”

Activity varies by area, price point and property type. Sales were up 31.9 percent in Minneapolis and 9.5 percent in St. Paul, suggesting demand remains strong in the core cities. Condos sales rose 31.7 percent, outpacing single-family and townhomes. New construction sales rose 25.5 percent while previously owned homes rose 0.7 percent. Sales of luxury properties ($1M+) have been soaring—up 70.9 percent from last March.

March 2021 by the numbers compared to a year ago

  • Sellers listed 6,587 properties on the market, an 11.6 percent decrease from last March
  • Buyers signed 5,747 purchase agreements, up 12.1 percent (4,342 closed sales, up 2.9 percent)
  • Inventory levels fell 50.7 percent to 4,907 units
  • Months Supply of Inventory was down 52.6 percent to 0.9 months (4-6 months is balanced)
  • The Median Sales Price rose 10.3 percent to $327,500
  • Days on Market decreased 37.7 percent to 38 days, on average (median of 11, down 57.7 percent)
  • Changes in Sales activity varied by market segment
    • Single family sales were down 1.1 percent; condo sales rose 31.7 percent; townhome sales increased 8.7 percent
    • Traditional sales rose 4.5 percent; foreclosure sales were down 42.9 percent; short sales fell 63.2 percent
    • Previously owned sales were up 0.7 percent; new construction sales climbed 25.2 percent

From The Skinny Blog.

Greet me and meet me on social media. You can follow my new listings and changes in the marketplace on any of the following. Follow me.

Keep in Touch!