For Week Ending February 2, 2019

Despite weather events that have brought frigid temperatures and heavy snow to large swaths of the U.S., residential real estate markets have performed better than anticipated so far this year. While a complete downturn in sales and prices was not at all expected, some softening was anticipated. Instead, pending sales are performing well in many markets, while new listings are not experiencing any negative swings of concern.

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

• New Listings decreased 9.2% to 912
• Pending Sales increased 4.4% to 834
• Inventory increased 2.6% to 8,023

For the month of December:

• Median Sales Price increased 4.0% to $258,000
• Days on Market decreased 6.6% to 57
• Percent of Original List Price Received decreased 0.2% to 96.9%
• Months Supply of Inventory increased 13.3% to 1.7

All comparisons are to 2018

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

For Week Ending January 26, 2019

The unemployment rate rose to 4.0 percent last month, a seven-month high. This may prove to be a forgettable blip, as other economic indicators are showing continued strength in the job force, including 100 straight months of employment gains punctuated by the most hiring in 11 months. The construction sector had its best month of employment since last February. With the Fed holding off on further interest rate increases, 2019 is beginning favorably for residential real estate.

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

• New Listings increased 6.1% to 938
• Pending Sales increased 5.5% to 783
• Inventory increased 2.9% to 8,100

For the month of December:

• Median Sales Price increased 4.0% to $258,000
• Days on Market decreased 6.6% to 57
• Percent of Original List Price Received decreased 0.2% to 96.9%
• Months Supply of Inventory increased 13.3% to 1.7

All comparisons are to 2018

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

For Week Ending January 19, 2019

Although snow and cold have been affecting a sizable portion of the nation this January, the initial assessment of early-year weekly real estate trends indicates a healthy level of new listings in many housing markets – even in wintry locales. Pending sales figures are generally showing a healthy balance compared to last year at this time. Combined with favorable mortgage rates, these early indicators bode well for active real estate markets across the nation. Let’s look at what happened locally.

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

• New Listings increased 9.0% to 1,029
• Pending Sales decreased 7.2% to 695
• Inventory increased 2.1% to 8,029

For the month of December:

• Median Sales Price increased 4.0% to $258,000
• Days on Market decreased 6.6% to 57
• Percent of Original List Price Received decreased 0.2% to 96.9%
• Months Supply of Inventory increased 13.3% to 1.7

All comparisons are to 2018

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

For Week Ending January 12, 2019

The unemployment rate rose by 0.2 percent to finish December 2018 at 3.9 percent. Although the rate went up from the month prior, it was down by 1.2 percent compared to the same month last year. As the nation continues to wrestle with a partial government shutdown that has some people worried about the economy at large, it is important to note that the employment situation at large remains in a relatively strong position.

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

• New Listings increased 14.9% to 1,026
• Pending Sales increased 6.9% to 650
• Inventory increased 2.8% to 7,969

For the month of December:

• Median Sales Price increased 4.0% to $258,000
• Days on Market decreased 6.6% to 57
• Percent of Original List Price Received decreased 0.2% to 96.9%
• Months Supply of Inventory increased 13.3% to 1.7

All comparisons are to 2018

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

For Week Ending January 5, 2019

The turn of a calendar year often creates a desire to resolve to do something different. Weight loss through a combination of regular exercise and healthy eating is often at the top of the list, followed by learning a new skill, quitting smoking, reading more, spending more time with loved ones, getting more organized, traveling and saving money. Annual evidence indicates that a bump in listing and buying activity also occurs each January, which appears to be the case again in 2019 for much of the country.

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

• New Listings decreased 4.9% to 809
• Pending Sales increased 0.7% to 553
• Inventory increased 6.0% to 8,209

For the month of November:

• Median Sales Price increased 8.2% to $265,000
• Days on Market decreased 7.1% to 52
• Percent of Original List Price Received decreased 0.1% to 97.3%
• Months Supply of Inventory increased 10.5% to 2.1

All comparisons are to 2018

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

For Week Ending December 29, 2018

Although the 2018 U.S. stock market had its worst losses in a decade, employers added 2.64 million jobs in 2018 – the best year since 2015 – as well as 312,000 jobs during December. In addition, average hourly earnings increased 3.2 percent, matching the October 2018 percentage that marked a nearly ten-year high. The unemployment rate rose to 3.9 percent from 3.7 percent but is still historically low. These combined events give the impression of an economy that remains ultimately optimistic but is also recalibrating.

In the Twin Cities region, for the week ending December 29:

• New Listings increased 22.2% to 297
• Pending Sales increased 11.5% to 514
• Inventory increased 0.2% to 8,608

For the month of November:

• Median Sales Price increased 8.2% to $265,000
• Days on Market decreased 7.1% to 52
• Percent of Original List Price Received decreased 0.1% to 97.3%
• Months Supply of Inventory increased 10.5% to 2.1

All comparisons are to 2017

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

For Week Ending December 22, 2018

The last few weeks of the year provide an opportunity for buyers, sellers and real estate practitioners alike to spend time with the family and friends that make owning a home that much more special. It also provides a time to plan for the potential for marginal increases in average household wages, median sales prices for homes, mortgage rates and total available homes for sale in 2019.

In the Twin Cities region, for the week ending December 22:

• New Listings increased 11.1% to 469
• Pending Sales decreased 7.4% to 680
• Inventory increased at 9,053

For the month of November:

• Median Sales Price increased 8.2% to $265,000
• Days on Market decreased 7.1% to 52
• Percent of Original List Price Received decreased 0.1% to 97.3%
• Months Supply of Inventory increased 10.5% to 2.1

All comparisons are to 2017

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

For Week Ending December 15, 2018

The U.S. Federal Reserve recently raised the benchmark borrowing rate to a range of 2.25 to 2.50 percent. It is the fourth increase in 2018 and brings the rate to its highest level in a decade. As a result, borrowing money will be more expensive, particularly for credit card purchases. Fed Chair Jerome Powell stated that a rate increase at this time was appropriate for a healthy economy. Fed actions do not necessarily affect mortgage rates, but they can be influential.

In the Twin Cities region, for the week ending December 15:

• New Listings increased 9.5% to 702
• Pending Sales decreased 6.7% to 723
• Inventory increased 1.0% to 9,487

For the month of November:

• Median Sales Price increased 8.2% to $265,000
• Days on Market decreased 7.1% to 52
• Percent of Original List Price Received decreased 0.1% to 97.3%
• Months Supply of Inventory increased 10.5% to 2.1

All comparisons are to 2017

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

For Week Ending December 8, 2018

The month of December often equates to a full-scale slowdown in residential real estate, as thoughts shift from buying homes to buying gifts and plane tickets to visit family and friends. This year could be different. The Federal Reserve is set to raise interest rates one more time in 2018. Interest rate hikes don’t necessarily create mortgage rate hikes, but they can. This may cause more purchase offers ahead of deeper affordability concerns in 2019.

In the Twin Cities region, for the week ending December 8:

• New Listings increased 1.4% to 773
• Pending Sales decreased 8.3% to 716
• Inventory increased 2.1% to 9,994

For the month of November:

• Median Sales Price increased 8.2% to $265,000
• Days on Market decreased 7.1% to 52
• Percent of Original List Price Received decreased 0.1% to 97.3%
• Months Supply of Inventory increased 5.0% to 2.1

All comparisons are to 2017

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

For Week Ending December 1, 2018

While recent stock market activity has displayed some heart-pounding drops and rallying rises, that volatility has not created the same tidal waves within residential real estate. Increasing home prices and mortgage rates have indeed created a sense of immediacy for some buyers and turned others away due to affordability concerns, but these decisions appear to be rooted in longer-term trends rather than the effects of a media headline or presidential tweet.

In the Twin Cities region, for the week ending December 1:

• New Listings increased 7.0% to 877
• Pending Sales decreased 9.0% to 904
• Inventory increased 1.5% to 10,437

For the month of October:

• Median Sales Price increased 8.6% to $265,000
• Days on Market decreased 7.7% to 48
• Percent of Original List Price Received increased 0.2% to 97.9%
• Months Supply of Inventory remained flat at 2.4

All comparisons are to 2017

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