For Week Ending May 19, 2018

According to the National Association of REALTORS®, existing home sales were down 2.5 percent for the nation as a whole in April. While local trends do not necessarily coincide with national trends, a holistic outlook can often explain the general state of feelings regarding residential real estate. Sales have been lower in year-over-year comparisons in the hottest submarkets due to low inventory and a speed to sale that is faster than the market can replenish itself.

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

• New Listings increased 8.9% to 2,279
• Pending Sales decreased 10.2% to 1,437
• Inventory decreased 22.6% to 9,768

For the month of April:

• Median Sales Price increased 9.0% to $267,000
• Days on Market decreased 10.2% to 53
• Percent of Original List Price Received increased 0.8% to 99.9%
• Months Supply of Inventory decreased 20.8% to 1.9

All comparisons are to 2017

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

For Week Ending May 12, 2018

Inventory and days on market both continue to skim along at historic lows, while buyer demand is creating competitive purchase offer situations that are increasing the number of homes sold for more than the asking price. This practice is nothing new in more popular areas, but higher offers are becoming normal outside of the hottest cities and neighborhoods. Affordability is a challenge for some potential buyers, yet prices still rise in an environment of economic confidence.

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

• New Listings decreased at 2,073
• Pending Sales decreased 5.5% to 1,466
• Inventory decreased 23.9% to 9,446

For the month of April:

• Median Sales Price increased 8.9% to $266,750
• Days on Market decreased 10.2% to 53
• Percent of Original List Price Received increased 0.7% to 99.8%
• Months Supply of Inventory decreased 20.8% to 1.9

All comparisons are to 2017

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

For Week Ending May 5, 2018

Year-over-year percentage changes for housing metrics like inventory, median sales price and days on market have sometimes looked dramatic over the past few years in most markets across the country not named Houston. But as faster sales and higher prices persist, another trend is beginning to emerge: reliability. Although more market balance is preferred, the current situation has proven to be surprisingly sustainable, at least for the time being.

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

• New Listings decreased 13.9% to 2,054
• Pending Sales decreased 10.0% to 1,456
• Inventory decreased 23.2% to 9,155

For the month of March:

• Median Sales Price increased 9.8% to $258,050
• 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 April 28, 2018

As with last spring, the home-purchasing season will be competitive this year. Demand is still strong, especially in light of rising mortgage rates. Savvy consumers will want to get into a home before rates go up again. Amidst an environment of low inventory, buyers need to remain watchful of new listings and make their offers quickly.

In the Twin Cities region, for the week ending April 28:

• New Listings decreased 7.2% to 1,761
• Pending Sales decreased 9.5% to 1,389
• Inventory decreased 23.5% to 9,051

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 April 21, 2018

After at least two years of hearing reports that both sellers and builders are gaining in confidence due to an expected positive return on investment, we are starting to see some upward movement in the New Listings metric locally and throughout the nation. Although there may not necessarily be positives from week to week, a longer-term improvement trend would not be a surprise at this point.

In the Twin Cities region, for the week ending April 21:

• New Listings decreased 19.4% to 1,669
• Pending Sales decreased 12.6% to 1,296
• Inventory decreased 23.3% to 8,899

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 April 14, 2018

One begins to wonder just how long the housing market can work in the favor of sellers. Low inventory continues to create a competitive situation for buyers that has sales prices meeting asking prices and often going over for well-priced homes that show well. As long as buyers continue to form new households and feel financially confident within an inviting economy, this could be the state of residential real estate for quite some time.

In the Twin Cities region, for the week ending April 14:

• New Listings decreased at 1,653
• Pending Sales decreased 14.0% to 1,258
• Inventory decreased 24.2% to 8,752

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 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.