Existing Home Sales
Author Archives: Pat Delaney
New Listings and Pending Sales
Inventory
April 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.
Weekly Market Report
For Week Ending April 11, 2015
Both the job market and housing starts regularly draw media attention. One week, reports show that hiring is up and salaries are on the rise, and that home prices are increasing and inventory is on the rise. Then you might catch a story about a layoff or lack of homes for sale and flat prices. While there will always be markets in the country that aren’t as fast-tracked as others, it doesn’t mean they will finish last in the race. Recovery is still evident, as trends show stability to steady improvement.
In the Twin Cities region, for the week ending April 11:
- New Listings increased 9.7% to 2,114
- Pending Sales increased 17.0% to 1,319
- Inventory decreased 0.2% to 14,509
For the month of March:
- Median Sales Price increased 10.5% to $210,000
- Days on Market increased 7.4% to 102
- Percent of Original List Price Received increased 0.8% to 95.9%
- Months Supply of Inventory increased 3.0% to 3.4
All comparisons are to 2014
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Mortgage Rates Change Little
Freddie Mac’s April 16 release of the results of its Primary Mortgage Market Survey® (PMMS®) shows average fixed mortgage rates moving largely unchanged amid a light week of economic releases and remaining near their 2015 lows.
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending April 4, 2015
Rent or buy? It is the question on the minds of many as we cast full sail into the selling season. Whilst stories are written about which cities and neighborhoods are better to rent or buy in, we can hang in the peace of a fairly stable market where there are good options available for rent and sale. Spring is sprung, yet there is no raining on the hit parade of homeownership.
In the Twin Cities region, for the week ending April 4:
- New Listings decreased 8.4% to 1,688
- Pending Sales increased 32.8% to 1,364
- Inventory increased 2.8% to 14,431
For the month of March:
- Median Sales Price increased 10.5% to $210,000
- Days on Market increased 7.4% to 102
- Percent of Original List Price Received increased 0.8% to 95.9%
- Months Supply of Inventory remained flat at 3.3
All comparisons are to 2014
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
March Pending Sales Soar by the Most Since 2011, Highest Since 2005
By Aubray Erhardt on Friday, April 10th, 2015
The number of signed purchase agreements in the 13-county Twin Cities region surged by 30.0 percent to 5,301 contracts. Sellers were also confident, as new listings increased 21.4 percent to 7,887 during the month. That is the largest increase in pending sales since August 2011 and the highest March count since 2005. New listings showed the second largest increase since July 2013 and the highest March count since 2010. Inventory levels rose 0.7 percent to 14,127 homes, the second increase this year.
The median sales price rallied 10.5 percent higher to $210,000, the strongest gain in over a year. The median home price has now seen over 36 months of year-over-year increases. Price per square foot—which adjusts for the square footage of homes selling—rose a more modest 4.5 percent to $121. Absorption rates remained flat at 3.3 months, and suggest an overall sellers’ market. Days on market rose 7.4 percent to 102 days.
The role of foreclosures and short sales continued to diminish on both the list and buy sides. Traditional new listings comprised 92.2 percent of all seller activity, the highest level since October 2006. Traditional sales made up 84.9 percent of all closed sales, which is on-par with late-2007 levels.
The finance environment remains favorable. Mortgage rates continue to hover near multi-year lows at around 3.7 percent, compared with a long-term average of about 7.0 percent.
Improvements in the economy and household finances could partly offset the impact of rising prices and interest rates. The Twin Cities housing affordability index of 198 has been fairly stable since the end of 2014.
A diverse and robust regional economy has served the Twin Cities housing market well throughout various cycles. According to the Bureau of Labor Statistics, the Twin Cities has one of the lowest unemployment rates of any major metropolitan area in the nation at 4.0 percent.
From The Skinny Blog.