For Week Ending April 15, 2017

In light of the low inventory and affordability situation this year, it was a good surprise to see existing home sales hit a national 10-year high. It isn’t a surprise, however, to see multiple offers on a home within a few days of being on the market. Buyer demand is high and will continue to be for the foreseeable future, so it was also welcome news that builder confidence and housing starts were up as well.

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

• New Listings decreased 17.8% to 1,612
• Pending Sales decreased 6.7% to 1,374
• Inventory decreased 20.1% to 10,574

For the month of March:

• Median Sales Price increased 7.0% to $237,500
• Days on Market decreased 14.1% to 73
• Percent of Original List Price Received increased 1.3% to 98.1%
• Months Supply of Inventory decreased 19.2% to 2.1

All comparisons are to 2016

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

For Week Ending April 8, 2017

With both inventory and months of supply struggling to keep up with demand, it will not be unusual to see some weeks where pending sales post a year-over-year decline, especially if new listings droop below the standards set during the prior year. Meanwhile, we can continue to expect to see sales prices forge their way upward and affordability shrink downward in what is expected to be a pleasant spring and summer for sellers.

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

• New Listings increased 1.4% to 2,013
• Pending Sales decreased 9.1% to 1,337
• Inventory decreased 21.7% to 10,188

For the month of March:

• Median Sales Price increased 7.0% to $237,500
• Days on Market decreased 14.1% to 73
• Percent of Original List Price Received increased 1.3% to 98.1%
• Months Supply of Inventory decreased 19.2% to 2.1

All comparisons are to 2016

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

For Week Ending April 1, 2017

Confidence in buying a home has fallen according to the Fannie Mae Home Purchase Sentiment Index after hitting an all-time index high in February. Continuing price increases and low inventory are easy answers for why the index fell. The good news is that an improved employment outlook and higher wages are major factors toward purchasing a home, and demand is not expected to abate.

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

• New Listings decreased 3.9% to 1,874
• Pending Sales decreased 5.2% to 1,303
• Inventory decreased 21.7% to 10,003

For the month of February:

• Median Sales Price increased 7.7% to $223,250
• Days on Market decreased 14.6% to 82
• Percent of Original List Price Received increased 1.4% to 96.5%
• Months Supply of Inventory decreased 28.0% to 1.8

All comparisons are to 2016

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

For Week Ending March 25, 2017

During the first quarter of 2017, housing affordability has clearly become an issue for some buyers, as prices continue to rise amidst strong demand. Even so, pending sales figures have generally remained positive across the nation. A better balance between high-price inventory and starter homes being sold would be the most beneficial situation for the marketplace.

In the Twin Cities region, for the week ending March 25:

• New Listings increased 6.3% to 1,584
• Pending Sales decreased 4.9% to 1,292
• Inventory decreased 23.0% to 9,874

For the month of February:

• Median Sales Price increased 7.6% to $223,000
• Days on Market decreased 14.6% to 82
• Percent of Original List Price Received increased 1.4% to 96.5%
• Months Supply of Inventory decreased 28.0% to 1.8

All comparisons are to 2016

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

For Week Ending March 18, 2017

The number of existing home sales was down last month, indicating that there is still a large divide between supply and demand. However, we need to keep in mind that the value of the housing market is the highest it has been in years. Confidence and household incomes are increasing, which are indicators of future home buying, which should lead to a continued strong market.

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

• New Listings decreased 2.2% to 1,728
• Pending Sales decreased 2.7% to 1,247
• Inventory decreased 23.7% to 9,633

For the month of February:

• Median Sales Price increased 7.8% to $223,500
• Days on Market decreased 14.6% to 82
• Percent of Original List Price Received increased 1.4% to 96.5%
• Months Supply of Inventory decreased 28.0% to 1.8

All comparisons are to 2016

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

For Week Ending March 11, 2017

In the last three months, the Federal Reserve has now twice increased its benchmark interest rate a quarter point. The good news is that this was an expected move due to strong confidence in the economy. Mortgage rates will likely increase as well. That said, homes are still selling quickly, and there is little indication that the trend will slow down in the spring and summer months.

In the Twin Cities region, for the week ending March 11:

• New Listings decreased 3.3% to 1,740
• Pending Sales decreased 11.1% to 1,102
• Inventory decreased 24.8% to 9,290

For the month of February:

• Median Sales Price increased 7.7% to $223,250
• Days on Market decreased 14.6% to 82
• Percent of Original List Price Received increased 1.4% to 96.5%
• Months Supply of Inventory decreased 28.0% to 1.8

All comparisons are to 2016

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

For Week Ending March 4, 2017

Tight inventory, lower affordability and higher mortgage rates continue to dominate residential real estate news, but a declining unemployment rate offers a bright spot. Employment in the construction industry had some of the largest gains. It would be great to see this increase translate into an impact on the construction of new homes for sale.

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

• New Listings decreased 11.9% to 1,727
• Pending Sales increased 0.3% to 1,155
• Inventory decreased 23.4% to 9,042

For the month of February:

• Median Sales Price increased 7.6% to $223,000
• Days on Market decreased 14.6% to 82
• Percent of Original List Price Received increased 1.4% to 96.5%
• Months Supply of Inventory decreased 28.0% to 1.8

All comparisons are to 2016

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

For Week Ending February 25, 2017

As mortgage rates rise, median sales prices increase and stiff competition for low inventory continues, buyers are beginning to face some limitations with their housing options, especially for first-time buyers. That being said, for most weeks in 2017, sales have been higher in year-over-year comparisons with the same weeks in 2016.

In the Twin Cities region, for the week ending February 25:

• New Listings decreased 7.6% to 1,345
• Pending Sales decreased 6.7% to 980
• Inventory decreased 23.7% to 8,950

For the month of January:

• Median Sales Price increased 4.6% to $224,900
• Days on Market decreased 7.1% to 79
• Percent of Original List Price Received increased 0.9% to 95.9%
• Months Supply of Inventory decreased 26.1% to 1.7

All comparisons are to 2016

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

For Week Ending February 18, 2017

In much of the country, both new and existing home sales increased in January. At the same time, prices continue to rise in year-over-year comparisons, and the number of homes available for sale remains quite low. The low inventory situation and affordability crunch is particularly hard on first-time buyers, leaving some properties available for landlord buyers with more available funds for investment.

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

• New Listings decreased 6.5% to 1,334
• Pending Sales increased 11.1% to 989
• Inventory decreased 23.8% to 8,751

For the month of January:

• Median Sales Price increased 4.7% to $225,000
• Days on Market decreased 7.1% to 79
• Percent of Original List Price Received increased 0.9% to 95.9%
• Months Supply of Inventory decreased 26.1% to 1.7

All comparisons are to 2016

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

For Week Ending February 11, 2017

The total supply of homes for sale at this early juncture of 2017 coupled with the relative low affordability of those homes have made the market interesting to watch. The combination of broad personal financial situations is particularly pronounced among millennials celebrating their prime home-buying years. While some individuals may have a decent amount of money saved up for a home purchase, others have educational debt, lowering their maximum affordability price. Being aware of this situational variety will help both lenders and agents.

In the Twin Cities region, for the week ending February 11:

• New Listings decreased 5.2% to 1,338
• Pending Sales increased 1.1% to 859
• Inventory decreased 23.3% to 8,583

For the month of January:

• Median Sales Price increased 4.7% to $225,000
• Days on Market decreased 7.1% to 79
• Percent of Original List Price Received increased 0.9% to 95.9%
• Months Supply of Inventory decreased 26.1% to 1.7

All comparisons are to 2016

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