Author Archives: Pat Delaney
Weekly Market Report
Let’s admit it: It’s been nice to have a year of positive headlines in the residential real estate industry. There have been more sales for more money in most markets across the country, and the foreclosure situation, although not entirely in the rearview mirror, has abated. We’re now entering the months of 2012 that should offer a true test of the lasting power of this buyer-seller tryst. A dropoff in buyer and seller activity might be expected after so many months of bliss, but the feeling remains that the market will survive beyond the honeymoon phase.
In the Twin Cities region, for the week ending August 4:
- New Listings decreased 0.1% to 1,433
- Pending Sales increased 20.4% to 1,129
- Inventory decreased 29.6% to 17,085
For the month of July:
- Median Sales Price increased 14.2% to $179,900
- Days on Market decreased 27.8% to 105
- Percent of Original List Price Received increased 3.6% to 95.0%
- Months Supply of Inventory decreased 43.4% to 4.3
Weekly Market Report
For decades now, the real estate industry has been both humbled and invigorated by the strong and direct relationship between the labor and housing markets. As goes the economy, seemingly so goes housing. That relationship was especially clear after the 2007 recession. The economy added 163,000 jobs in July, the highest figure since February. Our economy is growing, but not as quickly as many would like. Meanwhile, inventory drops and surging buyer demand from renters and first-timers are anchoring home prices and giving sellers more power than they’ve had in years.
In the Twin Cities region, for the week ending July 28:
- New Listings increased 8.3% to 1,430
- Pending Sales increased 20.9% to 1,149
- Inventory decreased 30.5% to 17,103
For the month of June:
- Median Sales Price increased 10.2% to $178,600
- Days on Market decreased 22.0% to 113
- Percent of Original List Price Received increased 4.1% to 95.1%
- Months Supply of Inventory decreased 42.6% to 4.6
July Monthly Skinny Video
Weekly Market Report
With the Olympics in full swing, many are noting that housing has already medaled in several arenas. Sellers waiting for firmer prices should take a fresh look at the data. Buyers nervous about a declining market should do the same. Key changes continue to take place that set the stage for a more meaningful recovery. And you thought interest rates couldn’t get any lower? Mortgage rates hit a fresh record low last week, scraping in at 3.65 percent on a 30-year fixed. That’s cheap money, if ever there were such a thing.
In the Twin Cities region, for the week ending July 21:
- New Listings increased 1.2% to 1,382
- Pending Sales increased 22.7% to 1,145
- Inventory decreased 30.7% to 17,174
For the month of June:
- Median Sales Price increased 10.3% to $178,750
- Days on Market decreased 22.0% to 113
- Percent of Original List Price Received increased 4.0% to 95.1%
- Months Supply of Inventory decreased 43.0% to 4.5
Weekly Market Report
It’s been a relatively pleasant year for the business of residential real estate. Case in point, the June 2012 NAHB/Wells Fargo Housing Market Index (HMI) rose to its highest level since May 2007. And for the first time since 2005, housing is on track for being a net positive contributor to national GDP in 2012. Speaking on behalf of America, it’s about time. Throw in some real price gains, and you can expect holdout buyers to be less afraid of buying and sellers to be less afraid of listing.
In the Twin Cities region, for the week ending July 14:
- New Listings increased 6.2% to 1,536
- Pending Sales increased 13.4% to 1,125
- Inventory decreased 30.7% to 17,188
For the month of June:
- Median Sales Price increased 10.4% to $179,000
- Days on Market decreased 21.9% to 113
- Percent of Original List Price Received increased 4.1% to 95.1%
- Months Supply of Inventory decreased 43.3% to 4.5
Weekly Market Report
With the second quarter now in the books, seasonal peaks and valleys should start to become apparent. Even if activity begins to slow for the remainder of 2012, gains are still likely when compared to the same time last year. Housing demand has been strong, supply levels have been falling and prices are turning a corner in many local markets. Keep a watchful eye toward market times, percent of list price received at sale and months of supply. Percent of new listings and closed sales that are in foreclosure or short sale status also serve as market indicators.
In the Twin Cities region, for the week ending July 7:
- New Listings decreased 21.9% to 970
- Pending Sales increased 24.6% to 892
- Inventory decreased 30.8% to 17,134
For the month of June:
- Median Sales Price increased 10.4% to $179,000
- Days on Market decreased 22.0% to 113
- Percent of Original List Price Received increased 4.0% to 95.1%
- Months Supply of Inventory decreased 44.0% to 4.5
Weekly Market Report
Summer heat waves roll across the northland as election season also heats up. Meanwhile, as the mercury and partisan rhetoric both escalate, residential real estate continues to show signs consistent with market recovery. For the current round of numbers, both buyer and seller activity levels were higher than last year at this time. Buyers have been taking advantage of historic affordability levels for some time, but renewed seller confidence is a more recent development and some would even call it an encouraging omen, as long as supply levels don’t exceed a prior apex.
In the Twin Cities region, for the week ending June 30:
- New Listings increased 0.1% to 1,414
- Pending Sales increased 20.4% to 1,194
- Inventory decreased 31.0% to 17,417
For the month of June:
- Median Sales Price increased 10.4% to $179,000
- Days on Market decreased 22.0% to 113
- Percent of Original List Price Received increased 4.0% to 95.0%
- Months Supply of Inventory decreased 44.7% to 4.4
Weekly Market Report
Another week during the peak selling season has brought further evidence of a market in transition. New listings came in slower than last year but buyer activity has increased over year-ago levels. Buyers are confident in the current affordability picture, and some rents have increased to levels above comparable mortgage payments. Absorption rates, negotiating leverage and market times are all still metrics worth watching carefully. Some agents are reporting that more than half of their clients are in multiple offers. That’s nothing to throw dirt at.
In the Twin Cities region, for the week ending June 23:
- New Listings decreased 1.6% to 1,395
- Pending Sales increased 15.8% to 1,105
- Inventory decreased 30.8% to 17,558
For the month of May:
- Median Sales Price increased 10.5% to $169,000
- Days on Market decreased 19.5% to 125
- Percent of Original List Price Received increased 3.8% to 94.6%
- Months Supply of Inventory decreased 43.4% to 4.6
Weekly Market Report
Market metrics are in the midst of seasonal peaks and valleys this time of year. Listings, sales and prices all tend to reach pinnacles on the historical trend line, while market times generally take a dip to annual lows. Summer is historically an exciting time for real estate. Between vacations to see family and friends and the crush of wedding weekends, Americans manage to find the time to buy and sell real estate. The last several years have been rough, no doubt, but an undeniable gleam has returned to the marketplace this year, and summer brings with it a certain extra swoon.
In the Twin Cities region, for the week ending June 16:
- New Listings decreased 3.7% to 1,476
- Pending Sales increased 19.8% to 1,173
- Inventory decreased 31.0% to 17,517
For the month of May:
- Median Sales Price increased 10.5% to $169,000
- Days on Market decreased 19.6% to 125
- Percent of Original List Price Received increased 3.8% to 94.6%
- Months Supply of Inventory decreased 43.9% to 4.6