For Week Ending April 7, 2018

The spring of 2018 has exhibited weather patterns that many will not soon forget. Professional baseball games are getting canceled due to snow, vacations are being delayed by grounded flights and the usual rush that takes place in the housing market when the names of months get shorter is maintaining a more even pace. Given continued heightened buyer demand brought on by more household formations and higher wages, temperance may well be a good thing for market health.

In the Twin Cities region, for the week ending April 7:

• New Listings decreased 5.8% to 1,941
• Pending Sales decreased 11.7% to 1,230
• Inventory decreased 24.9% to 8,365

For the month of March:

• Median Sales Price increased 9.8% to $258,000
• Days on Market decreased 21.9% to 57
• Percent of Original List Price Received increased 1.1% to 99.1%
• Months Supply of Inventory decreased 22.7% to 1.7

All comparisons are to 2017

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

For Week Ending March 31, 2018

Climbing out of winter has taken more time than usual for much of the U.S., but house hunting should finally be taking center stage for many buyers. Quickly assessing what’s available for sale will be key for buyers in what is sure to be another competitive selling season. Buyers and sellers must watch for further mortgage rate increases and volatile economic indicators like a jumpy stock market and chilly relations with international trade partners, which can cause shifts in local housing markets.

In the Twin Cities region, for the week ending March 31:

• New Listings decreased 35.2% to 1,234
• Pending Sales decreased 19.2% to 1,124
• Inventory decreased 23.0% to 8,397

For the month of February:

• Median Sales Price increased 12.7% to $250,000
• Days on Market decreased 15.9% to 69
• Percent of Original List Price Received increased 1.6% to 98.0%
• Months Supply of Inventory decreased 15.8% to 1.6

All comparisons are to 2017

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

For Week Ending March 24, 2018

In general, housing markets are performing rather well across the country and locally. While some measures may show year-over-year declines at times, the truth of the matter is that showings are plentiful, buyers are eagerly searching for homes to purchase and good properties are exchanging hands whether or not the overall inventory situation is less than favorable or mortgage rates go up a quarter percent.

In the Twin Cities region, for the week ending March 24:

• New Listings decreased 1.9% to 1,586
• Pending Sales decreased 12.4% to 1,197
• Inventory decreased 23.2% to 8,290

For the month of February:

• Median Sales Price increased 12.7% to $250,000
• Days on Market decreased 15.9% to 69
• Percent of Original List Price Received increased 1.6% to 98.0%
• Months Supply of Inventory decreased 15.8% to 1.6

All comparisons are to 2017

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

For Week Ending March 17, 2018

The Federal Reserve raised its key short-term interest rate from 1.50 to 1.75 percent, citing inflation concerns in an improved economy with rising wages and low unemployment. Borrowing money will be more expensive, particularly for home equity loans, credit cards and adjustable rate mortgages. Although it is the Fed’s sixth rate increase since December 2015, rates remain historically low. Home buyers should be aware that at least two more rate increases are expected this year.

In the Twin Cities region, for the week ending March 17:

• New Listings decreased 10.7% to 1,562
• Pending Sales decreased 9.2% to 1,188
• Inventory decreased 23.2% to 8,123

For the month of February:

• Median Sales Price increased 12.7% to $250,000
• Days on Market decreased 15.9% to 69
• Percent of Original List Price Received increased 1.6% to 98.0%
• Months Supply of Inventory decreased 15.8% to 1.6

All comparisons are to 2017

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

For Week Ending March 10, 2018

There is not much new to report this week compared to last week or the week before, but that is more good news than bad news at this juncture of the year. It’s true that more homes listed for sale would be welcome for a housing market ready for an influx of options. At the same time, there is ample evidence of buyers making the most of what is present on the market now. Contracts are being signed, and the prices being paid continue to prove demand.

In the Twin Cities region, for the week ending March 10:

• New Listings decreased 20.3% to 1,419
• Pending Sales decreased 9.5% to 1,069
• Inventory decreased 21.7% to 8,006

For the month of February:

• Median Sales Price increased 12.7% to $250,000
• Days on Market decreased 15.9% to 69
• Percent of Original List Price Received increased 1.6% to 98.0%
• Months Supply of Inventory decreased 21.1% to 1.5

All comparisons are to 2017

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

For Week Ending March 3, 2018

We are still not seeing a big surge in new listings or sales as we make our way into the springtime months. Housing activity around the country is generally lagging compared to last year at this time. Lower affordability due to higher mortgage rates and increasing prices could be the culprit for a slower start in 2018. It could also be that some locales have had unseasonably cold weather, holding some people back from listing or buying. Let’s look at how the local market is doing.

In the Twin Cities region, for the week ending March 3:

• New Listings decreased 11.1% to 1,569
• Pending Sales decreased 19.5% to 1,004
• Inventory decreased 21.9% to 7,757

For the month of January:

• Median Sales Price increased 9.7% to $244,000
• Days on Market decreased 13.8% to 69
• Percent of Original List Price Received increased 1.0% to 96.9%
• Months Supply of Inventory decreased 22.2% to 1.4

All comparisons are to 2017

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

For Week Ending February 24, 2018

We are in a bit of a residential real estate holding pattern thus far in 2018. While some regions have witnessed a welcome increase in pending sales, declines in metrics such as closed sales, new listings and inventory in national year-over-year comparisons are more common, and it may take until late summer or early fall to see evidence of a predicted increase in inventory. In the mean time, buyer interest has remained strong despite the usual supply challenge.

In the Twin Cities region, for the week ending February 24:

• New Listings decreased 8.0% to 1,262
• Pending Sales decreased 8.6% to 968
• Inventory decreased 22.8% to 7,618

For the month of January:

• Median Sales Price increased 9.7% to $244,000
• Days on Market decreased 13.8% to 69
• Percent of Original List Price Received increased 1.0% to 96.9%
• Months Supply of Inventory decreased 22.2% to 1.4

All comparisons are to 2017

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

For Week Ending February 17, 2018

The trends from the last several weeks and, honestly, the last several months remain in place in much of the country as well as locally. The market is trying to sustain a healthy number of listings to keep pace with a consumer base that is clearly in a buying mood. There is real evidence of increased showing activity and anecdotal evidence from busy real estate professionals that we are setting up for another busy year in residential real estate.

In the Twin Cities region, for the week ending February 17:

• New Listings decreased 6.1% to 1,277
• Pending Sales decreased 14.9% to 887
• Inventory decreased 23.8% to 7,420

For the month of January:

• Median Sales Price increased 9.4% to $243,500
• Days on Market decreased 13.8% to 69
• Percent of Original List Price Received increased 1.0% to 96.9%
• Months Supply of Inventory decreased 22.2% to 1.4

All comparisons are to 2017

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