The Skinny

Weekly Market Activity Report

 

You’re busy – planes to catch, open homes to see and little league games to coach. But in less time than it takes to lint roll a favorite set of slacks, you can catch up on the most up-to-date and local housing market trends. Don’t clutter your brain with big data that has muddled together home sales from across the county. Get ahead of the curve by zeroing in on your region’s market and nothing else. Read on for the good stuff.

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

• New Listings increased 25.1% to 1,858
• Pending Sales increased 16.2% to 1,305
• Inventory decreased 27.5% to 13,556

For the month of April:

• Median Sales Price increased 12.0% to $182,000
• Days on Market decreased 28.1% to 97
• Percent of Original List Price Received increased 2.7% to 95.9%
• Months Supply of Inventory decreased 36.0% to 3.2

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May 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. | CLICK HERE to view in a separate window or just click the embedded clip below:

Weekly Market Activity Report

Housing data also encompasses economics, politics, sociology, geography, labor markets and more. Even the largest transaction most people will ever make is susceptible to the same kinds of market forces that affect clothing choices at your favorite department store, the cost of your vacation, public transportation projects and where the next Starbucks is placed (or closed). Be watching the jobs numbers, fuel prices and election results. And keep using the best source of housing data around: your local MLS.

In the Twin Cities region, for the week ending May 4:

• New Listings increased 10.7% to 1,825
• Pending Sales increased 17.2% to 1,404
• Inventory decreased 28.0% to 13,361

For the month of April:

• Median Sales Price increased 12.0% to $182,000
• Days on Market decreased 28.1% to 97
• Percent of Original List Price Received increased 2.7% to 95.9%
• Months Supply of Inventory decreased 38.0% to 3.1

 

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Four and a Half Years Since Prices Have Been This High

Minneapolis, Minnesota (May 10, 2013)– The last time the median home price for the Twin Cities 13-county metropolitan area was higher than it was in April 2013 was September 2008, marking the 14th consecutive month of year-over-year price gains. New listings were up 7.7 percent over April 2012 to 7,057 properties, and signed purchase agreements were up 16.0 percent to 5,507.

This is the highest pending sales count since May 2006. For the same time period, there were 4,138 closed sales, and inventory levels declined 29.3 percent to 13,113 active listings. Driven by the changing mix of sales, solid demand and falling supply, the median home price for the Twin Cities metro rose 12.2 percent to $182,312. The percentage of all new listings that were traditional, non-distressed homes rose to 77.9 percent, its highest level since October 2007. For closed sales, that figure rose to 68.4 percent, its highest
level since July 2008.

Seller activity was up 7.7 percent overall, while traditional new listings were up 28.0 percent, foreclosure new listings were down 25.6 percent and short sale new listings were down 39.5 percent. The 10K Housing Value Index – which controls for data variability – showed an 8.5 percent increase to $181,381. With only 3.1 months supply of inventory, more seller participation in the market is important to continued recovery.

The traditional median sales price was up 8.5 percent to $216,000; the foreclosure median sales price was up 11.7 percent to $134,000; the short sale median sales price was up 5.1 percent to $135,000. Traditional sales sold in 90
days; foreclosures sold in 94 days; short sales sold in 178 days, on average.

All information is according to the Minneapolis Area Association of REALTORS® (MAAR) based on data from the Regional Multiple Listing Service of Minnesota, Inc. MAAR is the leading regional advocate and provider of
information services and research on the real estate industry for brokers, real estate professionals and the public. MAAR serves the Twin Cities 13-county metro area and western Wisconsin.

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Weekly Market Activity Report

Less supply, more demand and rising prices are being seen in residential markets across the nation. Although grumpy cats using national data sometimes grouse about the housing recovery's fragility, housing trends have remained positive for well over a year now, and the road ahead looks bright with better lending standards in place. Ominous headlines may benefit advertisers and search engine optimization, but local consumers informed of local situations are in a better position to leverage the market.

In the Twin Cities region, for the week ending April 20:

• New Listings decreased 4.5% to 1,601
• Pending Sales increased 9.7% to 1,337
• Inventory decreased 28.4% to 13,258

For the month of March:

• Median Sales Price increased 17.8% to $176,575
• Days on Market decreased 24.3% to 109
• Percent of Original List Price Received increased 3.1% to 95.0%
• Months Supply of Inventory decreased 38.0% to 3.1

Click Here to View Full Weekly Activity Report

Weekly Market Activity Report

Positive news about the housing market has permeated the headlines for several months now, and it's not just a case of less supply and more demand. It's also a function of product mix. When there is a transition from a 50 percent foreclosure market to a 25 percent foreclosure market, prices inevitably rise because there are fewer low-priced homes in the sales mix. Of course, this is not the case in all submarkets, so here's what else is happening around town.

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

• New Listings decreased 2.0% to 1,605
• Pending Sales increased 6.1% to 1,186
• Inventory decreased 28.7% to 13,145

For the month of March:

• Median Sales Price increased 17.8% to $176,650
• Days on Market decreased 24.3% to 109
• Percent of Original List Price Received increased 3.1% to 95.0%
• Months Supply of Inventory decreased 38.0% to 3.1

Click Here to View Full Weekly Activity Report

Weekly Market Activity Report

The unpredictable season of spring is here. Wily snowstorms, thunderous rain and summer-like heat waves strike across the U.S. It's a good thing that we can count on at least one thing – a steadily improving housing market. Even the few naysayers left can't ignore the cherry blossom blooms within the market metrics. So get out your umbrella, sunscreen and snow boots because, no matter the weather, we are watching a burgeoning market take form. With scarf, shorts and galoshes on, let's wade into this week's local housing stats.

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

• New Listings increased 22.6% to 1,731
• Pending Sales increased 17.1% to 1,158
• Inventory decreased 30.1% to 12,821

For the month of March:

• Median Sales Price increased 18.0% to $176,840
• Days on Market decreased 24.3% to 109
• Percent of Original List Price Received increased 3.1% to 95.0%
• Months Supply of Inventory decreased 38.0% to 3.1

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Key Milestones Reached on Road to Recovery

Minneapolis, Minnesota (April 10, 2013) – The 13-county Twin Cities regional housing market has achieved several major accomplishments in recent months and March 2013 was no different. For a 13th consecutive month, homes sold at a higher median price than during the prior year. Additionally, the percentage of all new listings that were traditional, non-distressed homes rose to 75.0 percent, its highest level since May 2008. Several patterns continued from 2012, including increased pending sales, decreased inventory, higher prices and a lighter distressed market.

There were 3,632 closed sales in March 2013, which was roughly even with last year. There were 4,656 pending sales, a 6.6 percent increase over 2012. Inventory levels declined 31.0 percent to 12,615 active listings, marking a new 10-year low. Driven by the changing mix of sales, the median price for the Twin Cities metro rose 17.4 percent to $176,000. More product sold at higher price points.

“We closely monitor the mix of homes that sell,” said Andy Fazendin, President of the Minneapolis Area Association of REALTORS®. “It’s evident that foreclosures and short sales are comprising a smaller share of overall listings and sales compared to recent years. This is great news for the traditional market.”

Although seller activity was down 5.0 percent in the metro area, traditional new listings were up 9.7 percent; foreclosure new listings were down 26.6 percent; short sale new listings were down 42.0 percent.

Since traditional homes sell for about 55.0 percent more than foreclosures, median sales price rose 17.4 percent compared to last year. The 10K Housing Value Index – which controls for data variability – showed a 10.5 percent increase to $182,378. More seller participation in the market will be crucial to ongoing recovery, as many consumers are frustrated by the limited supply of homes for sale. There is evidence that this is improving, as traditional seller activity has been on the rise lately.

Traditional homes represented more than 62.0 percent of all closed sales. Distressed properties made up the remaining 38.0 percent. The traditional median sales price was up 6.1 percent to $209,900; the foreclosure median sales price was up 28.5 percent to $134,900; the short sale median sales price was down 3.0 percent to $130,000.

“Buyers are filling the market pool with the arrival of spring,” said Emily Green, MAAR President-Elect. “Sellers are starting to dip their toes into the water, but we could use some divers.”

Weekly Market Activity Report

The housing market continues to assert itself, often changing the hearts and minds of housing bears, skeptical politicians, curmudgeonly economists and buyers and sellers alike. Over the past six to eighteen months, we've seen real estate stabilize, turn around and even start to recover. But it can sometimes feel like a moving target. With diminished inventory levels, cheap finance options, strong sales and rising prices, the prudent market participant will remain vigilant in monitoring his or her local real estate activity. That should be an easy task; start by simply turning the page!

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

• New Listings decreased 12.1% to 1,349
• Pending Sales increased 12.0% to 1,210
• Inventory decreased 29.6% to 12,909

For the month of March:

• Median Sales Price increased 17.4% to $176,000
• Days on Market decreased 24.3% to 109
• Percent of Original List Price Received increased 3.1% to 95.0%
• Months Supply of Inventory decreased 40.0% to 3.0

 

Click Here to View Full Weekly Activity Report

Weekly Market Activity Report

No one knows how accurate that February groundhog is, but by this time of year everyone is screaming of cabin fever. The spring market is in full swing, so keep your eyes on the prize and your mobile device in hand. Prepare yourself for seeing even more buyers buying, more sellers selling and lots of attention being given to the  need for new inventory. Will you like what you see? Well, let’s take a look. Here’s the lowdown on your local market.

In the Twin Cities region, for the week ending March 23:
• New Listings increased 2.8% to 1,453
• Pending Sales increased 11.9% to 1,116
• Inventory decreased 29.8% to 12,779

For the month of February:
• Median Sales Price increased 15.5% to $160,000
• Days on Market decreased 22.2% to 112
• Percent of Original List Price Received increased 3.4% to 93.7%
• Months Supply of Inventory decreased 38.8% to 3.0

Click Here to View Full Weekly Activity Report

Weekly Market Activity Report

Most housing markets across the country are continuing to chug along toward recovery as the local market begins its first buds into spring mode. New listings and overall inventory have become the prominent indicators to watch, as demand for quality homes to buy is up. Agents in some areas are seeing the highest prices and fastest selling times in years. Where it used to take months, it can now take mere days to sell an appealing home. Here's a quick recap of the week that was.

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

• New Listings increased 4.9% to 1,475
• Pending Sales increased 11.9% to 1,094
• Inventory decreased 30.1% to 12,661

For the month of February:

• Median Sales Price increased 15.5% to $160,000
• Days on Market decreased 22.2% to 112
• Percent of Original List Price Received increased 3.4% to 93.7%
• Months Supply of Inventory decreased 38.8% to 3.0

Click Here to View Full Weekly Activity Report

Weekly Market Activity Report

With February's jobs data looking better than expected and inflation running well
within the Fed's target range, mortgage rates ticked higher. It s not much,
and this affordability environment is still hugely attractive, but it's just enough to
notice. Combined with low inventory, low rates have been a prominent motivation
for buyers. But sellers need the real encouragement these days. Consistent yearover-
year price gains have proven insufficient thus far, but that's subject to
change come spring.

In the Twin Cities region, for the week ending March 9:
• New Listings decreased 6.1% to 1,361
• Pending Sales increased 10.9% to 1,019
• Inventory decreased 30.7% to 12,476

For the month of February:
• Median Sales Price increased 15.5% to $160,000
• Days on Market decreased 22.2% to 112
• Percent of Original List Price Received increased 3.4% to 93.7%
• Months Supply of Inventory decreased 38.8% to 3.0

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Twelve Consecutive Months of Price Gains

Twin Cities homes sold for a higher median price than during the year prior for the 12th consecutive month. This is a significant milestone demonstrating a real and sustainable recovery. Several patterns continued from 2012: pending purchase activity was up, new and existing supply levels were down, prices were higher and distressed market activity eased.

There were 2,736 closed home sales during February 2013, 4.7 percent fewer than February 2012. There were 3,689 pending sales, a 2.0 percent increase over last year. The median sales price rose 15.5 percent to $160,000. Inventory levels declined 31.6 percent to 12,202 active listings, the lowest number for any month going back to January 2003. The number of homes for sale is at a 10-year low.

“We’re watching seller activity almost more than buyer activity,” said Andy Fazendin, President of the Minneapolis Area Association of REALTORS®. “Bank listing activity is down while traditional seller activity is up. That’s an encouraging shift.”

Looking at activity by sale type, traditional closed sales were up 21.5 percent; foreclosure sales were down 23.5 percent; short sales were down 28.5 percent. Since traditional homes sell for about 75.0 percent more than foreclosures, the median sales price rose, as it has for 12 straight months compared to year-ago levels. The 10K Housing Value Index – which controls for data variability – showed a tamer 10.2 percent increase to $179,010. Stronger confidence and less economic uncertainty will encourage more seller activity, thereby increasing the supply of homes for sale. There is evidence this is improving, as traditional seller activity has been on the rise lately.

A healing distressed segment has also facilitated recovery. At 72.3 percent, traditional homes represented more than 70.0 percent of all new listings for the first time since June 2008. Traditional homes also made up 55.4 percent of all closed sales. The traditional median sales price was up 14.2 percent to $205,500; the foreclosure median sales price was up 12.3 percent to $116,522; the short sale median sales price was up 10.1 percent to $127,750.

Months’ supply of inventory fell 40.8 percent to 2.9 months. Figures below 4.0 months suggest we’re in a fledgling seller’s market. Homes sold in 113 days, on average, or 21.5 percent quicker than February 2012. Sellers received 93.7 percent of their list price, on average, up from 90.6 percent last year. Conventional financing comprised 46.7 percent of all closed sales; FHA financing was used on 20.9 percent of sales; cash buyers made up 25.1 percent of sales.

“Judging by the number of inquiries agents are receiving, buyers seem prepared and motivated this spring,” said Emily Green, MAAR President-Elect. “We anticipate an uptick in new listings and we hope it is enough to meet the strength of buyer demand.”

Weekly Market Activity Report

The prevailing trend continues to be more showings, more offers, higher prices and faster sales, with inventory becoming a growing problem -- or rather, a shrinking problem. There aren't enough homes to choose from for hungry buyers eager to get in while the gettin' is good. Meanwhile, rents are on the rise and there is a rising sense of improvement for new construction projects. With national unemployment down to 7.7 percent, there is a springy breeze in the air for better days ahead, even in the face of increased taxes and higher cable TV prices.

In the Twin Cities region, for the week ending March 2:
• New Listings increased 0.9% to 1,422
• Pending Sales increased 12.0% to 1,001
• Inventory decreased 31.0% to 12,371

For the month of February:
• Median Sales Price increased 15.5% to $160,000
• Days on Market decreased 22.2% to 112
• Percent of Original List Price Received increased 3.4% to 93.7%
• Months Supply of Inventory decreased 40.8% to 2.9

Click Here to View Full Weekly Activity Report

Weekly Market Activity Report

REALTORS® must sell. Whether it's themselves, a property or an offer, an integral part of the life is convincing other people of something. Clean clothes, shiny shoes, a tucked shirt, upright posture. That's just to get in the door. But it's not enough to walk the talk. Proving to be the real(TOR®) deal means you know your stuff. You need stats, real stats, GOOD stats. Impress with empirical industry know-how and dazzle with substantiated evidence. Don't be the kid in class with grass stains, gum in hair and an unsharpened No. 3 pencil. Bring the following local real estate expertise to the local listing presentation.

In the Twin Cities region, for the week ending February 23:
• New Listings decreased 6.1% to 1,176
• Pending Sales increased 3.1% to 927
• Inventory decreased 30.9% to 12,341

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

 

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