Category Archives: Weekly Report

Here’s an oldie but goodie: All Real Estate is Local. We’ve all heard it. It’s why industry insiders don’t pay much attention to national housing statistics. The national housing market is just an agglomeration of local housing markets. It’s like saying there is a national garage sale market. They’re all local. You don’t grab an umbrella in Miami based on the weather forecast in Seattle. So why would someone in San Francisco base a home sale or purchase decision on market data from Boston? Here’s your data for your local housing market.

In the Twin Cities region, for the week ending February 16:

• New Listings decreased 4.9% to 1,196
• Pending Sales increased 7.9% to 916
• Inventory decreased 31.0% to 12,309

For the month of January:

• Median Sales Price increased 14.3% to $160,000
• Days on Market decreased 24.1% to 107
• Percent of Original List Price Received increased 2.5% to 93.5%
• Months Supply of Inventory decreased 40.0% to 3.0

Click here for the full Weekly Market Activity Report.From The Skinny.

Transparency. We like it when our politicians, stock brokers and mechanics have it. But what about our housing markets? It’s empowering to know that home sales were up 10.0 percent in your state, or that the average home sold for 250,000 in your city or that 20.0 percent of sales in your neighborhood were foreclosures. It allows – no – it encourages both existing and would-be home buyers to make smarter decisions, which ultimately conserves the increasingly scarce taxpayer dollar. In turn, that allows us to invest in things we value as a society like infrastructure, technology, education, research and job training.

In the Twin Cities region, for the week ending February 9:

• New Listings decreased 6.7% to 1,229
• Pending Sales increased 5.3% to 914
• Inventory decreased 31.2% to 12,225

For the month of January:

• Median Sales Price increased 14.3% to $160,000
• Days on Market decreased 24.1% to 107
• Percent of Original List Price Received increased 2.5% to 93.5%
• Months Supply of Inventory decreased 42.0% to 2.9

Click here for the full Weekly Market Activity Report.From The Skinny.

As we take our first gentle steps into the first year of predicted housing market improvement in many years, let’s look at why we’re feeling bullish. Affordability is high; coupled with historically low interest rates, people are ready to lay their money down. Inventory is generally down, creating more competition among those searching for homes. Desire plus demand has created more frequent tickles of price rising just as foreclosures and short sales are selling through the market, becoming less of a drag on those prices. The residential real estate recovery is tentative and fragile, but it’s still a recovery.

In the Twin Cities region, for the week ending February 2:

• New Listings decreased 9.6% to 1,120
• Pending Sales increased 1.8% to 872
• Inventory decreased 31.4% to 12,213

For the month of January:

• Median Sales Price increased 14.3% to $160,000
• Days on Market decreased 24.1% to 107
• Percent of Original List Price Received increased 2.5% to 93.5%
• Months Supply of Inventory decreased 42.0% to 2.9

Click here for the full Weekly Market Activity Report.From The Skinny.

You can have data without information, but you cannot have information without data. In real estate, numbers aren’t just numbers. Numbers tell consumers how much house they can afford. Numbers tell agents whether their customers are buying into appreciating or depreciating communities. Numbers forewarn against bubble inflation. They also offer insight into which way the pendulum is swinging: toward buyers or sellers. Numbers have a calming way of removing uncertainty from decisions. Let’s examine our most recent set of numbers.

In the Twin Cities region, for the week ending January 26:

• New Listings decreased 4.9% to 1,038
• Pending Sales increased 3.1% to 800
• Inventory decreased 31.4% to 12,245

For the month of December:

• Median Sales Price increased 15.9% to $168,000
• Days on Market decreased 23.4% to 108
• Percent of Original List Price Received increased 3.5% to 93.8%
• Months Supply of Inventory decreased 40.0% to 3.0

Click here for the full Weekly Market Activity Report.From The Skinny.

The best real estate professionals leverage the power of data to deliver excellent value and real market understanding to customers. With the exceptional tools at their disposal, they can help buyers and sellers understand market trends and make important decisions. Real estate is “hot” again, even during the winter months, but nobody is predicting a rocket ship rise. It helps everybody if this market recovery incline is smooth and steady, like the gentle flow of a hot air balloon. Here are the numbers for this week.

In the Twin Cities region, for the week ending January 19:

• New Listings decreased 1.6% to 1,077
• Pending Sales increased 17.4% to 822
• Inventory decreased 31.6% to 12,197

For the month of December:

• Median Sales Price increased 15.9% to $168,000
• Days on Market decreased 23.4% to 108
• Percent of Original List Price Received increased 3.5% to 93.8%
• Months Supply of Inventory decreased 40.0% to 3.0

Click here for the full Weekly Market Activity Report.From The Skinny.

The first full week of 2013 market data looks a lot like most of 2012 did. But let’s go beyond the obvious. Consider this: Americans formed substantially more new households in 2012 than we built, which is partly responsible for the ongoing declines in active listings. Our population continues to expand from both natural reproduction and in-migration. But builders and lenders lacked the confidence and risk appetite to build in larger volumes. Unlike our sluggish jobs recovery, this imbalance actually stands to further fuel our fledgling housing recovery. If only all those new households could secure adequate employment, we’d be off to the races.

In the Twin Cities region, for the week ending January 12:

• New Listings decreased 8.0% to 1,120
• Pending Sales increased 4.3% to 722
• Inventory decreased 31.7% to 12,123

For the month of December:

• Median Sales Price increased 15.9% to $168,000
• Days on Market decreased 23.4% to 108
• Percent of Original List Price Received increased 3.5% to 93.8%
• Months Supply of Inventory decreased 42.0% to 2.9

Click here for the full Weekly Market Activity Report.From The Skinny.

With 2012 in the books, we’re starting to see some 2013 activity trickle in. Watch for continuations of last year’s trends: less inventory, strong buyer activity and firmer prices. It’s hard to believe spring is just around the corner, but would-be spring sellers are noticing the changes that have taken place. It’s a much less scary time to sell a home. Foreclosure activity will also be a key metric to watch. For the current cycle, here’s what the data shows.

In the Twin Cities region, for the week ending January 5:

• New Listings decreased 34.6% to 832
• Pending Sales increased 12.7% to 594
• Inventory decreased 31.1% to 12,000

For the month of December:

• Median Sales Price increased 16.2% to $168,452
• Days on Market decreased 23.4% to 108
• Percent of Original List Price Received increased 3.5% to 93.8%
• Months Supply of Inventory decreased 42.0% to 2.9

Click here for the full Weekly Market Activity Report.From The Skinny.

The results are mostly in, and the evidence is overwhelming. Housing not only outperformed most other sectors of the economy, but for the first time in half a decade, there was meaningful market recovery in 2012. For 2013, a few things seem likely. Expect interest rates to remain low and rents to rise, which will continue to drive buyer activity. Sellers should return to the marketplace in light of the improvements. Prices should remain firm and show moderate to strong gains. Foreclosure activity and job growth remain wildcards, but momentum is heading in the right direction.

In the Twin Cities region, for the week ending December 29:

• New Listings decreased 40.1% to 358
• Pending Sales decreased 12.6% to 442
• Inventory decreased 30.0% to 12,916

For the month of November:

• Median Sales Price increased 16.4% to $172,200
• Days on Market decreased 26.5% to 103
• Percent of Original List Price Received increased 3.6% to 94.2%
• Months Supply of Inventory decreased 38.6% to 3.5

Click here for the full Weekly Market Activity Report.From The Skinny.