Weekly Market Report

Most analysts agree that we are not in the midst of inflating another housing bubble. Instead, we are sometimes seeing seemingly dramatic price and sales increases, but off of artificially low baseline levels. Private equity firms and first-time buyers have bought up a lot of inventory, while some sellers await further price recovery. Credit remains available but not abundant, so lenders are avoiding the facilitation of another bubble. Default rates and foreclosure activity are at multiyear lows. As of now, the housing recovery is intact.

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

  • New Listings increased 5.5% to 1,185
  • Pending Sales increased 6.9% to 972
  • Inventory decreased 2.6% to 16,034

For the month of October:

  • Median Sales Price increased 11.4% to $195,000
  • Days on Market decreased 27.2% to 75
  • Percent of Original List Price Received increased 1.4% to 95.8%
  • Months Supply of Inventory decreased 12.5% to 3.5

All comparisons are to 2012

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

Weekly Market Report

Holiday decorations have debuted in department stores across the nation (really?), and their mere presence just might affect housing activity for those prone to a good winter hunker. Comparisons to year-ago levels will show improvement and recovery, even as general activity will likely slow through the rest of 2013. With rates seemingly in a continuous go-low zone, the thrifty buyer and willing seller will still meet for transactional tea.

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

  • New Listings increased 16.4% to 1,209
  • Pending Sales increased 10.4% to 974
  • Inventory decreased 3.1% to 16,211

For the month of September:

  • Median Sales Price increased 11.7% to $195,000
  • Days on Market decreased 29.7% to 71
  • Percent of Original List Price Received increased 1.7% to 96.4%
  • Months Supply of Inventory decreased 14.0% to 3.7

All comparisons are to 2012

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

Weekly Market Report

Nationally, we are starting to see some of the impact of the government shutdown on the housing market. Applications for government mortgage products dropped to the lowest level since 2007, according to a release from the Mortgage Banker’s Association. This was while overall applications were up marginally. Most FHA lenders were able to process loans while Veterans Administration loans were slowed considerably and USDA Rural Development financing was cut off entirely. That said, there was still plenty of activity locally, much of it positive.

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

  • New Listings increased 16.3% to 1,291
  • Pending Sales decreased 11.4% to 867
  • Inventory decreased 3.9% to 16,275

For the month of September:

  • Median Sales Price increased 11.7% to $195,000
  • Days on Market decreased 29.7% to 71
  • Percent of Original List Price Received increased 1.8% to 96.5%
  • Months Supply of Inventory decreased 14.0% to 3.7

All comparisons are to 2012

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

Weekly Market Report

As tricks and treats are planned, housing starts its preparation for a holiday season hibernation. Though activity hasn’t come to a complete halt – there are still year-over-year gains being posted for listings and prices – the liveliness of the summer months has started to slow. Keep watch on any movements from the Fed, on economic indicators outside of housing and on the legislative tug-of-war. Each may play a part in predicting how the rest of the fourth quarter of 2013 goes.

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

  • New Listings increased 21.7% to 1,524
  • Pending Sales decreased 2.7% to 892
  • Inventory decreased 5.6% to 16,113

For the month of September:

  • Median Sales Price increased 11.7% to $195,000
  • Days on Market decreased 29.7% to 71
  • Percent of Original List Price Received increased 1.8% to 96.5%
  • Months Supply of Inventory decreased 16.3% to 3.6

All comparisons are to 2012

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

Weekly Market Report

Home price gains and housing demand are still a year-over-year improvement, but activity is beginning to moderate as the seasons change. With the possibility of further rate and price increases, some buyers are still motivated, but urgency tends to wane when holiday decorations start going up. Recovery continues, but the pace is stabilizing. Yet that’s a good thing, since harmful corrections usually follow when the market moves too far too fast.

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

  • New Listings increased 17.9% to 1,536
  • Pending Sales increased 2.4% to 1,037
  • Inventory decreased 6.2% to 16,074

For the month of September:

  • Median Sales Price increased 11.7% to $195,000
  • Days on Market decreased 29.7% to 71
  • Percent of Original List Price Received increased 1.8% to 96.5%
  • Months Supply of Inventory decreased 16.3% to 3.6

All comparisons are to 2012

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

Home Prices Continue Their Ascent as Inventory Searches for Bottom

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Recovery continued across the Minneapolis-St. Paul metropolitan housing market even with our first taste of fall weather. Sellers regained some enthusiasm as new listings rose 19.3 percent to 6,372, marking the sixth consecutive year-over-year increase in monthly seller activity.

Buyers closed on 4,667 homes, a 14.5 percent increase over last September. Consumers have 15,968 properties from which to choose – 7.1 percent fewer than September 2012 but 22.5 percent more than in January 2013.

The overall median sales price stood at $195,000, up 11.7 percent compared to September 2012. Three factors have coalesced to attain higher sales prices: less supply, more demand and a sales mix that’s returning to traditional sales and away from foreclosures.

In September 2011, foreclosures and short sales together comprised 46.1 percent of all closed sales. In September 2013, these two segments made up only 21.9 percent of sales.

“Median sales prices have increased for 19 consecutive months in year-over-year comparisons,” said Andy Fazendin, President of the Minneapolis Area Association of REALTORS® (MAAR). “Rising rents, affordable prices and low interest rates continue to drive sales increases.”

While closed sales were up 14.5 percent overall, traditional buyer activity was up 37.3 percent. Foreclosure sales and short sales were down 27.3 and 30.0 percent, respectively.

Similarly, new listings were up 19.3 percent overall, but traditional seller activity rallied 42.6 percent higher as foreclosure and short sale new listings fell 29.6 and 42.6 percent, respectively.

Homes are selling in an average of 71 days, continuing a low-number trend from last month that we haven’t seen around here for more than six years. Sellers are receiving an average of 96.5 percent of their original list price – the highest September ratio since 2005. The Twin Cities is at 3.6 months’ supply of inventory for September 2013.

The traditional median sales price rose 4.4 percent to $217,000; the foreclosure median sales price was up 8.0 percent to $134,900; the short sale median sales price increased 10.9 percent to $145,250.

“With price gains continuing and multiple-offer situations still common, market recovery and stability has been the order of the day,” said Emily Green, MAAR President-Elect. “Activity should begin its season slowdown, but we expect year-over-year activity to remain positive.”

Weekly Market Report

Home prices are still rising and rates have increased incrementally. As the cement of market balance hardens, it has become more dependent on move-up and first- time home buyers. Even with tightened lending regulations, seller activity has broadened. The government shutdown should not have a major impact on national and local market housing recovery. But as we get deeper into the -ber months, it will be interesting to see if the year-over-year trends hold true, simply lessen in drama or give reason for pause.

In the Twin Cities region, for the week ending September 28:

  • New Listings increased 10.3% to 1,449
  • Pending Sales increased 12.2% to 1,106
  • Inventory decreased 5.9% to 16,282

For the month of August:

  • Median Sales Price increased 16.8% to $207,825
  • Days on Market decreased 34.0% to 70
  • Percent of Original List Price Received increased 2.0% to 97.0%
  • Months Supply of Inventory decreased 15.9% to 3.7

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

Weekly Market Report

Higher interest rates, rising prices and a budget standoff in Washington haven’t shaken consumer sentiment regarding housing. Buyers continue to riffle through existing inventory for options, keeping an eye out for new listings. A sense of normalcy is returning to the real estate ethos after more than a decade of extreme ups and downs. It’s a big week for economic and housing news, so keep your eyes and ears tuned for any changing headlines.

In the Twin Cities region, for the week ending September 21:

  • New Listings increased 13.3% to 1,469
  • Pending Sales decreased 5.5% to 970
  • Inventory decreased 6.8% to 16,249

For the month of August:

  • Median Sales Price increased 16.9% to $207,900
  • Days on Market decreased 34.0% to 70
  • Percent of Original List Price Received increased 2.0% to 97.0%
  • Months Supply of Inventory decreased 18.2% to 3.6

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

September 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. Video produced by Chelsie Lopez.

Weekly Market Report

For several weeks, markets across the country have seen consistent gains in sales, prices and percent of list price received at sale. Things like steadily low rates, less lender-mediated inventory and increased consumer confidence are all helping this reality. Each and every week reveals signs of a recovered market that are going from temporary yard sign to permanent road sign. Here’s to hoping for prosperous signs on the road ahead.

In the Twin Cities region, for the week ending September 14:

  • New Listings increased 19.5% to 1,625
  • Pending Sales increased 8.3% to 1,006
  • Inventory decreased 8.0% to 16,095

For the month of August:

  • Median Sales Price increased 16.9% to $207,900
  • Days on Market decreased 34.0% to 70
  • Percent of Original List Price Received increased 2.0% to 97.0%
  • Months Supply of Inventory decreased 18.2% to 3.6

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