For Week Ending May 4, 2019

The national chatter over the past couple of weeks has been about royal babies, exciting NBA and NHL playoff games, heightened talk of higher tariffs for China, lackluster tech IPOs and, of course, who will sit on the Iron Throne. Mixed in with those conversations have been thousands of discussions about the housing market at coffee shops, over backyard fences and at real estate industry conventions. The selling season is upon us, and homes are moving quickly.

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

• New Listings decreased 1.6% to 2,029
• Pending Sales decreased 12.9% to 1,338
• Inventory increased 1.1% to 9,897

For the month of March:

• Median Sales Price increased 6.5% to $275,000
• Days on Market increased 15.8% to 66
• Percent of Original List Price Received decreased 0.5% to 98.6%
• Months Supply of Homes For Sale increased 5.6% to 1.9

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending April 27, 2019

The national unemployment rate dropped to 3.6 percent during April 2019, the lowest level since 1969. A historically low unemployment rate can provide reassurance to wary consumers. But in order for sales to increase on a grand scale, buyers will need more spending power, or sellers will need to reduce prices to land where buyers are most active. Neither situation is likely to occur in 2019, yet inventory is straining to keep pace in the most competitive price ranges.

In the Twin Cities region, for the week ending April 27:

• New Listings increased 10.1% to 1,953
• Pending Sales decreased 4.1% to 1,363
• Inventory decreased 1.8% to 9,492

For the month of March:

• Median Sales Price increased 6.5% to $275,000
• Days on Market increased 15.8% to 66
• Percent of Original List Price Received decreased 0.5% to 98.6%
• Months Supply of Homes For Sale increased 5.6% to 1.9

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

For Week Ending April 20, 2019

Despite one of the latest snowfalls in recent memory in places like North Dakota, Idaho, Colorado, Wisconsin and Illinois, among other Western and Midwestern states, house hunters in these locales and other warmer places do not seem particularly phased by wintry or wet weather. The spring market has sprung, and new listings are pressing upward with more frequency in several markets. Sales remain lower than last year in much of the country. Here is how the local market is faring.

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

• New Listings decreased 5.3% to 1,581
• Pending Sales decreased 0.7% to 1,330
• Inventory decreased 1.5% to 9,405

For the month of March:

• Median Sales Price increased 6.5% to $275,000
• Days on Market increased 15.8% to 66
• Percent of Original List Price Received decreased 0.5% to 98.6%
• Months Supply of Homes For Sale increased 5.6% to 1.9

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Housing activity is on the upswing after a slow start to the year. Showings, new listings and pending sales are increasing across much of the country, and inventory is straining to keep pace with demand. These pivotal weeks of the spring market are worth watching with extra care, as they may portend the entirety of the 2019 residential real estate market. Buyers are certainly active. Sales and prices will be strong if there are enough options to choose from.

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

• New Listings increased 1.8% to 1,689
• Pending Sales decreased 6.0% to 1,228
• Inventory decreased 2.0% to 9,223

For the month of March:

• Median Sales Price increased 6.5% to $275,000
• Days on Market increased 15.8% to 66
• Percent of Original List Price Received decreased 0.5% to 98.6%
• Months Supply of Homes For Sale increased 5.6% to 1.9

All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

New listings finally started to perk up across the nation last week, effectively launching residential real estate into the springtime selling season. Much has been said and written about the slow launch of new homes for sale in what was anticipated to be a year of rising inventory. Mother Nature has had different plans so far in several markets, adding another burst of winter weather in April that may spoil an otherwise promising start to the second quarter of 2019.

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

• New Listings decreased 3.4% to 1,883
• Pending Sales decreased 6.1% to 1,208
• Inventory decreased 2.2% to 8,797

For the month of March:

• Median Sales Price increased 6.5% to $275,000
• Days on Market increased 15.8% to 66
• Percent of Original List Price Received decreased 0.5% to 98.6%
• Months Supply of Homes For Sale remained flat at 1.8

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

The national unemployment rate held firm at 3.8 percent for the second month in a row, which is good news for an economy that has shown signs of slowing down during the first three months of 2019. Hiring and wage gains have both been below expectations, retail sales dropped considerably to close 2018, and there have been fewer home sales across the nation. Maintaining a historically low unemployment rate is reassuring and may offer confidence to many wary and weary consumers.

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

• New Listings increased 18.6% to 1,470
• Pending Sales decreased 3.1% to 1,151
• Inventory decreased 4.3% to 8,657

For the month of February:

• Median Sales Price increased 6.2% to $265,500
• Days on Market remained flat at 69
• Percent of Original List Price Received decreased 0.3% to 97.7%
• Months Supply of Homes For Sale remained flat at 1.7

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

As new listings continue to fail to gain traction and inventory struggles to keep pace with the already low figures from last year, one begins to wonder if the U.S. is poised for a real estate slowdown. Some observers are seeing this as an inevitability, as investors price out more typical, family-driven home buyers. Housing starts and permits are also trending downward, and research indicates that the percentage of sales with price reductions are on the rise.

In the Twin Cities region, for the week ending March 23:

• New Listings decreased 10.4% to 1,428
• Pending Sales decreased 16.5% to 1,030
• Inventory decreased 5.6% to 8,429

For the month of February:

• Median Sales Price increased 6.2% to $265,500
• Days on Market remained flat at 69
• Percent of Original List Price Received decreased 0.3% to 97.7%
• Months Supply of Homes For Sale remained flat at 1.7

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

The Federal Reserve recently announced that interest rates will remain steady and that further rate hikes are not planned for 2019. Given that the federal funds rate has increased nine times over the past three years, this is welcome news for consumers carrying high credit card balances. The overall economy, inflation and Fed actions also have an effect on mortgage rates, so it is generally good news when rate hikes are paused, especially when total sales are dropping in many parts of the nation.

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

• New Listings decreased 12.2% to 1,374
• Pending Sales decreased 20.8% to 976
• Inventory decreased 5.8% to 8,273

For the month of February:

• Median Sales Price increased 6.2% to $265,500
• Days on Market remained flat at 69
• Percent of Original List Price Received decreased 0.3% to 97.7%
• Months Supply of Homes For Sale remained flat at 1.7

All comparisons are to 2018

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

For Week Ending March 9, 2019

New listings and overall housing inventory are still proceeding slower than last year in many markets across the U.S., and they are mostly trailing activity for last year, which was already rather low. Sales have also been slower than last year at this time in areas with lingering winter weather, but the thaw is on. That may present a new set of difficulties for communities that have experienced an abundance of rain and snow over the last few months.

In the Twin Cities region, for the week ending March 9:

• New Listings decreased 8.6% to 1,304
• Pending Sales decreased 16.2% to 917
• Inventory decreased 6.2% to 8,117

For the month of February:

• Median Sales Price increased 6.2% to $265,500
• Days on Market remained flat at 69
• Percent of Original List Price Received decreased 0.3% to 97.7%
• Months Supply of Homes For Sale remained flat at 1.7

All comparisons are to 2018
Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending March 2, 2019

Sales totals have been mixed across the nation and dependent on what has been a considerably persistent wintry mix in the Great Plains, Midwest and Northeast. While this time of year brings unpleasant weather to all parts of the country, it has less impact on southern and western states. While there is no true national real estate market, overarching trends continue to be higher prices and more inventory, especially west of the Rocky Mountains. Let’s look more closely at what is happening locally.

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

• New Listings decreased 20.0% to 1,257
• Pending Sales decreased 13.3% to 923
• Inventory decreased 5.5% to 8,009

For the month of January:

• Median Sales Price increased 6.1% to $259,000
• Days on Market decreased 5.8% to 65
• Percent of Original List Price Received increased 0.1% to 97.0%
• Months Supply of Homes For Sale increased 13.3% to 1.7

All comparisons are to 2018

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