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
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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
Weekly Market Report
The report card for this week showed higher grades than last year at this time for both buyers and sellers. Activity levels are higher on both sides, which is indicative of recovering confidence in the local market. Prices in certain areas have already turned a corner, and it is not unreasonable to expect a continuation of this trend. As summer begins to swelter, also keep a watchful eye on active listings, absorption rates, days on market and percent of list price received. Being schooled in these metrics is like having an open book during the final exam.
In the Twin Cities region, for the week ending June 9:
- New Listings increased 0.4% to 1,582
- Pending Sales increased 29.4% to 1,231
- Inventory decreased 31.0% to 17,540
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 44.7% to 4.6
Weekly Market Report
Last year at this time, the housing market was in a holding pattern of uncertainty and negativity. This year, it is acceptable to have hope again. Sellers have listed less inventory and buyers are absorbing existing inventory. Foreclosures, while still present, are having a less detrimental impact since low-priced inventory has already been purchased, forcing consumers up the price ladder. Homes are now selling quicker and for closer to list prices in many submarkets. The short sale process, loan availability and some appraisals continue to threaten a quicker recovery, but less so recently.
In the Twin Cities region, for the week ending June 2:
- New Listings decreased 17.4% to 1,382
- Pending Sales increased 27.2% to 974
- Inventory decreased 29.9% to 17,607
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 94.5%
- Months Supply of Inventory decreased 45.2% to 4.5
Weekly Market Report
Houses are just things. Boxes waiting to be filled. In the hands of caring, nurturing citizens, those simple boxes become homes that create memories and fortify communities for generations. This May, more than 13,000 REALTORS® rallied at the Washington Monument to preserve the American Dream of homeownership. Some components of the dream are being threatened by budget pressures and market realities. But homeownership is very much alive and well, as more than three out of five residencies are owner-occupied in the U.S. Moreover, buyer demand has been impressive throughout the year. As Franklin D. Roosevelt famously stated: “A nation of homeowners is unconquerable.” Our response in 2012: Fill the box!
In the Twin Cities region, for the week ending May 12:
- New Listings decreased 11.8% to 1,485
- Pending Sales increased 18.9% to 1,159
- Inventory decreased 28.3% to 17,761
For the month of April:
- Median Sales Price increased 12.1% to $162,500
- Days on Market decreased 15.1% to 135
- Percent of Original List Price Received increased 3.6% to 93.4%
- Months Supply of Inventory decreased 42.4% to 4.7
Weekly Market Report
If only there were a system of grand, colorful lights for tracking residential real estate. Green for rising market, yellow for a transitional market and red for declining market. Let’s see if we can try to determine today’s market without the ease of well-known signals. Prices are bottoming and starting to rise. Buyer activity is showing year-over-year gains. Homes are selling faster and closer to list price. Multiple offers are becoming commonplace. Inventory levels are leaning toward the seller. Green means go.
In the Twin Cities region, for the week ending May 5:
- New Listings decreased 6.6% to 1,643
- Pending Sales increased 41.9% to 1,232
- Inventory decreased 28.3% to 17,579
For the month of April:
- Median Sales Price increased 12.1% to $162,500
- Days on Market decreased 15.1% to 135
- Percent of Original List Price Received increased 3.6% to 93.4%
- Months Supply of Inventory decreased 43.1% to 4.7