Weekly Market Report

Early 2014 data is telling us that the trend is still one of improvement, albeit not at the speedy pace we’d prefer. Spring hasn’t arrived yet and we’ll have to weather a few more months of unpredictable weather before the sing-song tempo of May markets return. Although we await warmer days ahead, there’s no need to wait to gear up for a headier market. Remaining on top of weekly trends and using data to bolster marketing efforts makes for a winner dinner.

In the Twin Cities region, for the week ending February 22:

  • New Listings decreased 10.5% to 1,051
  • Pending Sales decreased 17.5% to 726
  • Inventory decreased 8.9% to 12,089

For the month of January:

  • Median Sales Price increased 11.6% to $178,500
  • Days on Market decreased 12.3% to 93
  • Percent of Original List Price Received remained flat at 93.5
  • Months Supply of Inventory decreased 12.5% to 2.8

All comparisons are to 2013

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

Weekly Market Report

Housing starts haven’t been quite as robust as forecast, climatological factors have chilled demand in many places and dramatic declines in foreclosure activity has become the norm in several housing markets. These factors can sometimes pull down overall sales numbers, so it’s important to dig beneath the headlines. All of this looks and feels like a natural part of the transition toward a healthier marketplace. Prices are still experiencing upward pressure, and sellers are still receiving competitive offers.

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

  • New Listings decreased 2.9% to 1,162
  • Pending Sales decreased 8.4% to 816
  • Inventory decreased 9.7% to 11,965

For the month of January:

  • Median Sales Price increased 12.4% to $179,850
  • Days on Market decreased 12.3% to 93
  • Percent of Original List Price Received remained flat at 93.5
  • 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.

Weekly Market Report

With the first days of February under our belts, it’s safe to say that housing has managed to weather the heart of winter with little issue. Although 2014 activity may appear sluggish compared to gangbuster 2013, housing has stabilized and should continue to find moderate footing. Look for some signs of inventory and sales activity thawing, but keep your jacket handy as activity always varies by location and segment.

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

  • New Listings decreased 3.0% to 1,193
  • Pending Sales decreased 8.8% to 794
  • Inventory decreased 10.2% to 11,809

For the month of January:

  • Median Sales Price increased 12.4% to $179,850
  • Days on Market decreased 12.3% to 93
  • Percent of Original List Price Received remained flat at 93.5
  • 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.

Weekly Market Report

While the housing market may have completed most of its backflips and jaw-dropping acrobatics, it is now showcasing steady knees and good traction. That may mean fewer riskier tricks on the half-pipe but more endurance and stability over the long haul. After several years of uncertainty followed by grueling rehabilitation, steadier performance that matches expectation resonates well with both current and prospective homeowners.

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

  • New Listings decreased 16.9% to 934
  • Pending Sales decreased 9.4% to 788
  • Inventory decreased 9.5% to 11,936

For the month of January:

  • Median Sales Price increased 12.4% to $179,900
  • Days on Market decreased 12.3% to 93
  • Percent of Original List Price Received remained flat at 93.5
  • 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.

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.

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.

Weekly Market Report

The years of 2012 and 2013 are going to be noted as a period of recovery for housing, and 2014 should prove to be more of the same but perhaps with not as much force. As we begin to look for signs of a stabilized residential real estate market, we may see fewer sales than in recent years, but these sales should be of a higher quality in that they will have been made with stronger lending standards to people with stronger jobs in a stronger economy. Even this early in the year, we should begin to see signs of new inventory coming onto the market with a more balanced months’ supply of inventory and well-paced market times.

In the Twin Cities region, for the week ending January 11:

  • New Listings decreased 14.6% to 958
  • Pending Sales decreased 19.5% to 556
  • Inventory decreased 9.8% to 11,810

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.

2013 Annual Wrap-Up: Widespread Market Recovery Continues

Lower supply levels, strong demand and higher prices are among the encouraging developments in 2013 that brought about ongoing market recovery. Consumer purchase demand increased notably, reaching levels not seen since 2005. As the active supply of homes for sale fell to an 11-year low, absorption rates improved to levels not seen since before 2003. Low but upwardly-mobile interest rates, affordable prices and record housing affordability resulted in an 8.8 percent increase in home sales for the 13-county metro.

2013 by the Numbers

• Sellers listed 72,128 properties on the market, a 9.4 percent increase from 2012 and the first gain in seven years.
• Buyers closed on 53,087 homes, up 8.8 percent from 2012 and the highest figure since 2005.
• Inventory levels dropped 10.5 percent from 2012 to 11,646 units, the lowest level in 11 years.
• Months Supply of Inventory dropped 18.8 percent to 2.6 months, also an 11-year low.
• The Median Sales Price of closed sales rose 14.4 percent to $192,000, marking a five-year high. o This measure of home prices is 16.5 percent below its 2006 peak and 28.0 percent above its 2011 valley
• Cumulative Days on Market was down 29.1 percent to 83 days, on average—an eight-year record pace.
• Lender-mediated properties made up a significantly smaller share of overall activity across multiple metrics
• 21.6 percent of all New Listings were lender-mediated (either foreclosures or short sales), down from 34.7 percent in 2012 and 41.9 percent in 2011
• 25.6 percent of all Inventory was lender-mediated, down from 38.8 percent in 2012 and 44.4 percent in 2011
• 26.4 percent of all Closed Sales were lender-mediated, down from 39.7 percent in 2012 and 50.0 percent in 2011

Potent Quotables

“We are quite pleased with the breadth and depth of this recovery. The increase in seller activity was hugely important. Motivated by still-low interest rates, rising rents and more job opportunities, buyers drove home sales to an eight-year high,” said Emily Green, President of the Minneapolis Area Association of REALTORS®.

“As always, market conditions vary from neighborhood to neighborhood, but homeowners are feeling energized by these ongoing improvements,” said Michael Hunstad, President of the Saint Paul Area Association of REALTORS®. “Though markets vary, many areas of the metro are seeing homes selling in record time and with multiple offers.”

Improvements in the local economy will boost the Twin Cities real estate market in 2014. The outlook is positive: job growth is accelerating, interest rates remain attractive and an unemployment rate well below the nation’s are all reasons our region continues to outperform.