New Listings and Pending Sales
Author Archives: Pat Delaney
Inventory
Weekly Market Report
Optimistic housing start stats encourage rumors that 2014 should be another year of recovering. Activity may not be volatile enough to garner bold headlines, which suits residential real estate markets just fine. The steady-as-she-goes pace and quietly consistent good news should bring out a few more previously underwater sellers to list their homes. Keep an eye out for fresh inventory and keen interest from hungry buyers.
In the Twin Cities region, for the week ending January 25:
- New Listings decreased 11.9% to 914
- Pending Sales decreased 13.0% to 663
- Inventory decreased 8.6% to 12,050
For the month of December:
- Median Sales Price increased 13.1% to $190,000
- Days on Market decreased 20.4% to 86
- Percent of Original List Price Received increased 1.0% to 94.7%
- Months Supply of Inventory decreased 15.6% to 2.7
All comparisons are to 2013
Click here for the full Weekly Market Activity Report.From The Skinny.
January 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 Andy Fazendin (2013 President, Minneapolis Area Association of REALTORS) and Emily Green (2014 President, Minneapolis Area Association of REALTORS®), video produced by Chelsie Lopez.
Mortgage Rates Down Again
The results of Freddie Mac’s Primary Mortgage Market Survey® (PMMS®), released Jan. 30, show average fixed mortgage rates lower again this week following the release of weaker housing data.
New Listings and Pending Sales
Inventory
Weekly Market Report
Some say the big story of 2014 will be higher interest rates, some say it will be more inventory while others say it will be less foreclosure activity. The truth is likely to be an amalgamation of all of the above. The year 2013 was marked by variable but steady job growth, a good leading indicator of market activity. While consumers may be uneasy about higher rates, economic improvements can potentially offset any negative impact on affordability. The seasoned agent will recall a time when plenty of consumers were vying for properties when rates were double and triple what they are now.
In the Twin Cities region, for the week ending January 18:
- New Listings decreased 8.3% to 989
- Pending Sales decreased 24.8% to 591
- Inventory decreased 9.5% to 11,918
For the month of December:
- Median Sales Price increased 13.1% to $190,050
- Days on Market decreased 20.4% to 86
- Percent of Original List Price Received increased 1.0% to 94.7%
- Months Supply of Inventory decreased 15.6% to 2.7
All comparisons are to 2013
Click here for the full Weekly Market Activity Report.From The Skinny.
Existing Home Sales
Mortgage Rates Slip Again
Freddie Mac’s Jan. 23 release of the results of its Primary Mortgage Market Survey® shows average fixed mortgage rates drifting slightly lower for the second consecutive week amid recent reports that inflation remains subdued.