Category Archives: Weekly Report

For Week Ending October 15, 2016

Housing starts may have fallen for the second month in a row, but the cause appears to be an abnormally large decline in the multifamily category. An increase in single-family starts and building permits is a better indicator of a market reacting positively to the prevailing inventory struggle.

In the Twin Cities region, for the week ending October 15:

• New Listings increased 5.0% to 1,364
• Pending Sales decreased 0.1% to 994
• Inventory decreased 16.2% to 13,795

For the month of September:

• Median Sales Price increased 3.6% to $230,000
• Days on Market decreased 13.8% to 56
• Percent of Original List Price Received increased 0.9% to 97.5%
• Months Supply of Inventory decreased 20.0% to 2.8

All comparisons are to 2015

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

For Week Ending October 8, 2016

Cooling weather and recent interest rate hikes have fewer first-time buyers shopping for homes thus far this fall, just as many existing homeowners are cozying up to the idea of remaining in their current homes a little bit longer. With fewer home buyers and homes for sale, we may see sales and sales prices start to mellow, or it could mean that the more serious buyers and sellers will simply have less competition.

In the Twin Cities region, for the week ending October 8:

• New Listings decreased 4.1% to 1,395
• Pending Sales decreased 6.5% to 980
• Inventory decreased 16.5% to 13,832

For the month of September:

• Median Sales Price increased 3.6% to $230,000
• Days on Market decreased 13.8% to 56
• Percent of Original List Price Received increased 0.9% to 97.5%
• Months Supply of Inventory decreased 20.0% to 2.8

All comparisons are to 2015

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

For Week Ending October 1, 2016

As the struggle to maintain adequate inventory levels continues in much of the country, a number of influences have been named as factors in the housing shortage. One probable cause is the large decline in negative equity on homes that were bought before the recession. As prices continue to go up, those homes are either placed on the market and snatched up quickly or they may have even risen to a less affordable price for today’s home shoppers.

In the Twin Cities region, for the week ending October 1:

• New Listings increased 3.9% to 1,429
• Pending Sales decreased 4.0% to 1,066
• Inventory decreased 16.5% to 14,125

For the month of September:

• Median Sales Price increased 3.6% to $230,000
• Days on Market decreased 13.8% to 56
• Percent of Original List Price Received increased 0.9% to 97.5%
• Months Supply of Inventory decreased 20.0% to 2.8

All comparisons are to 2015

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

For Week Ending August 13, 2016

Residential construction, builder confidence and housing starts have all been up in recent months, creating a triple dose of good news as the country begins the inevitable home sales slowdown following the busy spring and summer seasons. The news creates hope that buyer traffic could maintain at a sufficient level over the last several months of the year.

In the Twin Cities region, for the week ending August 13:

• New Listings decreased 5.5% to 1,651
• Pending Sales decreased 2.8% to 1,229
• Inventory decreased 17.3% to 14,521

For the month of July:

• Median Sales Price increased 6.6% to $239,900
• Days on Market decreased 14.3% to 54
• Percent of Original List Price Received increased 0.8% to 98.4%
• Months Supply of Inventory decreased 21.1% to 3.0

All comparisons are to 2015

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

For Week Ending August 6, 2016

Housing markets across the nation have mostly reached full recovery and are even approaching or achieving categorical highs in sales and prices, yet builders are still focusing on higher-end homes over starter homes in order to combat high land and building permit costs. Until there is more entry-level inventory on the market, sustainable balance will be difficult.

In the Twin Cities region, for the week ending August 6:

• New Listings increased 2.3% to 1,795
• Pending Sales decreased 1.9% to 1,258
• Inventory decreased 17.7% to 14,495

For the month of July:

• Median Sales Price increased 6.6% to $239,900
• Days on Market decreased 14.3% to 54
• Percent of Original List Price Received increased 0.8% to 98.4%
• Months Supply of Inventory decreased 21.1% to 3.0

All comparisons are to 2015

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

For Week Ending July 30, 2016

It’s only August, but this time during summer usually means making plans for changes ahead, especially the start of a new school year. For potential home buyers with school-aged children, these are the pivotal days for deciding whether or not to purchase or wait. With inventory as low as it is, we are in a place where big moves will be made or saved for later, and sales figures will reflect as much.

In the Twin Cities region, for the week ending July 30:

• New Listings increased 3.3% to 1,723
• Pending Sales decreased 4.6% to 1,289
• Inventory decreased 18.0% to 14,588

For the month of July:

• Median Sales Price increased 6.6% to $239,900
• Days on Market decreased 15.9% to 53
• Percent of Original List Price Received increased 0.8% to 98.4%
• Months Supply of Inventory decreased 23.7% to 2.9

All comparisons are to 2015

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

For Week Ending July 23, 2016

Homes are selling faster now than they have in the past six to seven years, resulting in the need for buyers to move quickly on a home purchase. Although high prices usually encourage more sellers to come forth, people have proven hesitant to put their homes on the market due to concerns about being able to find their own new and reasonably priced home.

In the Twin Cities region, for the week ending July 23:

• New Listings increased 1.3% to 1,826
• Pending Sales decreased 4.6% to 1,298
• Inventory decreased 18.0% to 14,546

For the month of June:

• Median Sales Price increased 5.3% to $242,000
• Days on Market decreased 16.7% to 55
• Percent of Original List Price Received increased 1.0% to 98.7%
• Months Supply of Inventory decreased 23.7% to 2.9

All comparisons are to 2015

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

For Week Ending July 16, 2016

Tight credit seemed to be a factor in keeping new home construction down during the first half of 2016, but the situation is improving. June housing starts were up 4.8% from the month prior, as building recovers slowly from the housing bust. This is news we’re happy to report, especially when taking the continuing concern of high demand and low inventory into consideration.

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

• New Listings increased 8.0% to 1,896
• Pending Sales increased 10.6% to 1,332
• Inventory decreased 18.4% to 14,376

For the month of June:

• Median Sales Price increased 5.3% to $242,000
• Days on Market decreased 15.2% to 56
• Percent of Original List Price Received increased 0.9% to 98.6%
• Months Supply of Inventory decreased 23.7% to 2.9

All comparisons are to 2015

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

For Week Ending July 9, 2016

Sales have been brisk this summer, as the largest living generation in the U.S., the Millennials, enters the housing market in droves. Student loan debt is still a hindrance for many, but that has often been offset by continued low rates allowing for lower monthly mortgage payments. With rents on the rise, conditions for further sales are good, although, traditionally, the second half of summer is not as active as the first half.

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

• New Listings decreased 23.2% to 1,649
• Pending Sales decreased 20.4% to 1,033
• Inventory decreased 18.5% to 14,104

For the month of June:

• Median Sales Price increased 5.3% to $242,000
• Days on Market decreased 16.7% to 55
• Percent of Original List Price Received increased 1.0% to 98.7%
• Months Supply of Inventory decreased 23.7% to 2.9

All comparisons are to 2015

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

For Week Ending July 2, 2016

The United Kingdom vote for exit from the European Union (Brexit) has likely already had at least one short-term effect on the U.S. housing market. The decision to not raise interest rates until later this year was likely made because of Brexit, so unrest in financial markets can be watched further with hopes of stabilization. Long-term effects may include more or less foreign investment in U.S. residential real estate, but wholesale price declines are not expected any time soon.

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

• New Listings increased 24.2% to 1,589
• Pending Sales increased 12.9% to 1,351
• Inventory decreased 17.7% to 14,480

For the month of June:

• Median Sales Price increased 5.3% to $242,000
• Days on Market decreased 16.7% to 55
• Percent of Original List Price Received increased 1.0% to 98.7%
• Months Supply of Inventory decreased 23.7% to 2.9

All comparisons are to 2015

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