The tempo in residential housing has remained upbeat through the first five months of 2012. Year-to-date figures begin to sing a compelling tune at this time of year, and the song thus far is that markets are moving back toward balance and home prices are beginning to reflect that stabilization. For the most recent week, buyer activity was higher than year-ago levels while listing activity registered lower. Keep an eye on months supply, seller concessions, market times and foreclosure rates. Multiple offers are back and tentative owners looking to move should take note. It’s okay to sing in public again.
In the Twin Cities region, for the week ending May 19:
- New Listings decreased 9.6% to 1,533
- Pending Sales increased 18.6% to 1,116
- Inventory decreased 29.4% to 17,648
For the month of April:
- Median Sales Price increased 12.1% to $162,500
- Days on Market decreased 15.2% to 135
- Percent of Original List Price Received increased 3.6% to 93.4%
- Months Supply of Inventory decreased 42.0% to 4.8
Category Archives: Weekly Report
Weekly Market Report
Job growth, low mortgage rates, rising rents and a relatively inexpensive housing stock. These are just some of the playful teases in the burlesque revue that is today’s market recovery. Another week passed with buyers displaying no signs of slowing down. In general, sellers are discovering a less-intimidating scene, and buyers are reveling in the showy marketplace. As expected, spring’s warming glow continues to fuel optimism and consumer activity. But that won’t necessarily be the case in every area or segment, so do your research before making that move.
In the Twin Cities region, for the week ending April 14:
- New Listings decreased 9.5% to 1,637
- Pending Sales increased 25.5% to 1,170
- Inventory decreased 27.8% to 17,384
For the month of March:
- Median Sales Price increased 7.1% to $149,900
- Days on Market decreased 9.6% to 145
- Percent of Original List Price Received increased 3.8% to 92.1%
- Months Supply of Inventory decreased 38.0% to 4.7
Weekly Market Report
Market sentiment can become a self-fulfilling prophecy. Just as negative economic news sent a chill through the housing industry over the last several years, a newly confident consumer buying up excess inventory and further housing-related sundries helps stabilize and support home values. Some sellers are even starting to see rising prices. The numbers are beginning to reflect the fact that multiple offers on homes for sale are now more than anecdotal conversation between real estate professionals. For this week, new listings were down while purchase contracts were up compared to the same week in April 2011.
In the Twin Cities region, for the week ending April 7:
- New Listings decreased 19.0% to 1,411
- Pending Sales increased 15.5% to 1,036
- Inventory decreased 27.3% to 17,289
For the month of March:
- Median Sales Price increased 7.1% to $149,900
- Days on Market decreased 9.4% to 145
- Percent of Original List Price Received increased 3.8% to 92.1%
- Months Supply of Inventory decreased 38.5% to 4.7
Weekly Market Report
The weekly scorecard showcases that home buyers were more active compared to the same week last year. Buyers have been taking advantage of an affordable market, but sellers in many areas have been lazing in the tall grass like lions as the herd moves past. Watch for a changing landscape this spring and summer. Even skeptical sellers are sensing a need to get back into the hunt.
In the Twin Cities region, for the week ending March 31:
- New Listings decreased 12.1% to 1,532
- Pending Sales increased 25.2% to 1,113
- Inventory decreased 27.2% to 17,274
For the month of March:
- Median Sales Price increased 6.4% to $149,000
- Days on Market decreased 10.0% to 144
- Percent of Original List Price Received increased 3.7% to 92.1%
- Months Supply of Inventory decreased 39.2% to 4.6
Weekly Market Report
The last time you were at the doctor, your vital signs were checked – heart rate, pulse, temperature and blood pressure. Progress was documented and valuable insights were gained, whether it was a routine visit or one of many checks during an extended hospital stay. The housing market has been in and out of intensive care for the past several years. Monitoring vitals matters, and that’s what you’ll find on the following pages. The pulse of today’s market indicates that we may be getting ready to leave the ICU. So if you could just please pull up your sleeve, let’s check your blood pressure.
In the Twin Cities region, for the week ending March 24:
- New Listings increased 2.2% to 1,414
- Pending Sales increased 30.2% to 1,052
- Inventory decreased 27.3% to 17,193
For the month of February:
- Median Sales Price decreased 1.4% to $138,000
- Days on Market decreased 9.0% to 145
- Percent of Original List Price Received increased 2.5% to 90.6%
- Months Supply of Inventory decreased 34.8% to 4.7
Weekly Market Report
In another sign that the six-year long housing slump could be coming to an end, the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) reached 28. To put that in perspective, it went from above 70 in 2005 to below 10 in 2009. The HMI has not seen 28 since June 2007. This and other landmark data points are coalescing to signal calmer waters ahead. That’s not to say you should expect double-digit annualized appreciation, but both buyers and sellers are displaying the sort of confidence that is fluttering through the rest of the economy.
In the Twin Cities region, for the week ending March 17:
- New Listings decreased 1.3% to 1,406
- Pending Sales increased 23.1% to 1,029
- Inventory decreased 27.5% to 17,088
For the month of February:
- Median Sales Price decreased 1.4% to $138,000
- Days on Market decreased 9.0% to 145
- Percent of Original List Price Received increased 2.5% to 90.6%
- Months Supply of Inventory decreased 35.2% to 4.