Author Archives: Pat Delaney
Inventory
Weekly Market Report
Housing pessimism is as out of fashion nowadays as bell bottoms and shoulder pads. Those who are still fishing for that elusive “market bottom” have likely missed it in most areas. The major story continues to be tightened inventory and high buyer turnout. Homes should be selling faster and for closer to list price – or even above in the hottest neighborhoods. Continue to monitor key differences between the foreclosure and traditional segments as well as variability between the single-family and condo markets.
In the Twin Cities region, for the week ending October 13:
- New Listings increased 7.3% to 1,252
- Pending Sales increased 26.7% to 954
- Inventory decreased 28.8% to 16,017
For the month of September:
- Median Sales Price increased 12.6% to $174,500
- Days on Market decreased 28.4% to 101
- Percent of Original List Price Received increased 4.0% to 94.8%
- Months Supply of Inventory decreased 39.6% to 4.1
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 Cari Linn (2012 President, Minneapolis Area Association of REALTORS®), video produced by Chelsie Lopez.
Mortgage Rates Linger In Record-Low Territory
Freddie Mac’s weekly Primary Mortgage Market Survey® (PMMS®) results for Oct. 18 show fixed mortgage rates edging slightly lower with the 30-year fixed averaging 3.37 percent, just above its all-time record low of 3.36 percent, and the average 15-year fixed dipping to a new all-time record low at 2.66 percent.
New Listings and Pending Sales
Inventory
Weekly Market Report
In between days. The spring and summer selling seasons are well behind us, and the holiday slowdown is well ahead of us (except in some department stores). As the days grow shorter, housing numbers may not be as thrilling as they were in recent months, but the trends remain the same. Compared to last year, sales are regularly up and inventory figures are down, including months of supply. Sales and prices will surely drop, but there is reason for optimism through the end of the year, providing a cure to several years of little to hold on to.
In the Twin Cities region, for the week ending October 6:
- New Listings increased 2.8% to 1,301
- Pending Sales increased 33.5% to 1,049
- Inventory decreased 28.6% to 16,113
For the month of September:
- Median Sales Price increased 12.6% to $174,500
- Days on Market decreased 28.5% to 101
- Percent of Original List Price Received increased 4.0% to 94.8%
- Months Supply of Inventory decreased 40.1% to 4.0
Mortgage Rates Edge Up From Record Lows
The results of Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) released on Oct. 11 showed average fixed mortgage rates moving slightly higher from their all-time record lows. For example, the 30-year fixed-rate mortgage (FRM) averaged 3.39 percent, up from 3.36 percent last week. A year ago, the 30-year FRM averaged 4.12 percent.
New Listings and Pending Sales
