Monthly Archives: May 2013

Weekly Market Report

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Monitoring weekly data can feel like watching grass grow, especially during a busy sales environment. Most housing markets are at or near their seasonal activity apexes, so it can be difficult to remain interested in statistical lawn care. But paired with a broad perspective and overarching trends, weekly housing numbers can sharpen the keen observer’s competitive edge. As you look through this week’s most current real estate activity, keep an eye open for signs of job growth, changing interest rates and relevant policy initiatives.

In the Twin Cities region, for the week ending May 18:

  • New Listings increased 20.9% to 1,855
  • Pending Sales increased 24.1% to 1,313
  • Inventory decreased 25.9% to 13,866

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

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

Weekly Market Report

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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

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

Weekly Market Report

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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

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

Four and a Half Years Since Prices Have Been This High

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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.