For Week Ending December 9, 2017

National economic trends can help inform what the housing market will do over the next year. Residential real estate should remain active if joblessness continues to decline and wage growth picks up. However, those increased wages must be in line with median sales price increases. Unfortunately, that has not always been the case. Add in factors such as increasing mortgage rates, student loan debt and lower affordability, and the balance becomes more interesting but not insurmountable for home purchasers.

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

• New Listings increased 3.0% to 762
• Pending Sales decreased 7.5% to 747
• Inventory decreased 23.5% to 8,837

For the month of November:

• Median Sales Price increased 6.5% to $245,000
• Days on Market decreased 11.1% to 56
• Percent of Original List Price Received increased 0.8% to 97.4%
• Months Supply of Inventory decreased 21.7% to 1.8

All comparisons are to 2016

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

For Week Ending December 2, 2017

As the year works its way to a closing crescendo, it is evident that the year’s predominant storyline is beyond a clever weekly jab. It has been an interesting and remarkably positive year for residential real estate. Even as some desirable housing tax breaks are on the verge of sunsetting, real estate, as a whole, remains in great shape.

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

• New Listings increased 6.7% to 817
• Pending Sales decreased 1.3% to 947
• Inventory decreased 22.7% to 9,429

For the month of October:

• Median Sales Price increased 6.1% to $244,000
• Days on Market decreased 14.8% to 52
• Percent of Original List Price Received increased 0.8% to 97.7%
• Months Supply of Inventory decreased 14.8% to 2.3

All comparisons are to 2016

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

For Week Ending November 25, 2017

From week to week, the tallies may vary slightly from the week prior in year-over-year comparisons, whether with a strong positive surge or a lingering negative streak. Tracking weekly figures is important for active real estate professionals, but the cooldown period of a meaningful real estate trend often takes weeks, if not months, to draw determined conclusions.

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

• New Listings decreased 11.9% to 450
• Pending Sales increased 12.7% to 702
• Inventory decreased 21.7% to 9,878

For the month of October:

• Median Sales Price increased 6.1% to $244,000
• Days on Market decreased 14.8% to 52
• Percent of Original List Price Received increased 0.8% to 97.7%
• Months Supply of Inventory decreased 14.8% to 2.3

All comparisons are to 2016

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

For Week Ending November 18, 2017

Home price appreciation is on the rise in most of the country, which is welcome news for any homeowner that experienced a time when it was not. Although trends vary by region and state, the overarching trend is increased prices, according to research performed by the National Association of REALTORS® on American Community Survey data from 2005 through 2016. Price growth is strongest in the South and less so in the Northeast, and only a few states show no growth or losses. Affordability is most favorable in the Midwest, and the West is least affordable, on average.

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

• New Listings decreased 6.6% to 896
• Pending Sales decreased 5.1% to 912
• Inventory decreased 20.1% to 10,407

For the month of October:

• Median Sales Price increased 6.1% to $244,000
• Days on Market decreased 14.8% to 52
• Percent of Original List Price Received increased 0.8% to 97.7%
• Months Supply of Inventory decreased 18.5% to 2.2

All comparisons are to 2016

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

For Week Ending November 11, 2017

During the final two months of the year, residential real estate traditionally slows down to make way for more holiday, travel and retail spending. Assessing the dominant trend of 2017, most housing markets have seen the number of homes for sale decrease in year-over-year comparisons. So much so, that further decreases in 2018 will be newsworthy, as prices would likely keep rising in a seller’s market. Presently, in a thriving economy with low unemployment, agents and consumers alike still have reason for optimism.

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

• New Listings decreased 7.6% to 924
• Pending Sales increased 7.1% to 976
• Inventory decreased 18.5% to 10,871

For the month of October:

• Median Sales Price increased 6.1% to $244,000
• Days on Market decreased 14.8% to 52
• Percent of Original List Price Received increased 0.8% to 97.7%
• Months Supply of Inventory decreased 18.5% to 2.2

All comparisons are to 2016

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

For Week Ending November 4, 2017

New tax legislation that could affect the housing market is still currently being discussed and debated by the U.S. Senate and House of Representatives, but it appears that important tools used by homeowners, like the mortgage interest deduction, are in line to continue in some capacity. This continuity would be useful for maintaining a positive outlook for residential real estate.

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

• New Listings decreased 8.7% to 1,017
• Pending Sales increased 0.8% to 1,076
• Inventory decreased 15.3% to 11,585

For the month of September:

• Median Sales Price increased 7.4% to $247,000
• Days on Market decreased 12.3% to 50
• Percent of Original List Price Received increased 0.6% to 98.1%
• Months Supply of Inventory decreased 16.7% to 2.5

All comparisons are to 2016

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

For Week Ending October 28, 2017

The national unemployment rate registered in at 4.1 percent for October 2017. To put that in perspective, joblessness has not been this low in the U.S. since December 2000. In other positive economic news, mortgage rates have been holding steady at or near 3.9 percent. Historically, the average rate has been around 6.0 percent. Factors such as these keep the pool of potential buyers full, even during the so-called off-season of residential real estate sales.

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

• New Listings increased 2.7% to 1,076
• Pending Sales decreased 2.2% to 1,001
• Inventory decreased 16.4% to 11,932

For the month of September:

• Median Sales Price increased 7.4% to $247,000
• Days on Market decreased 12.3% to 50
• Percent of Original List Price Received increased 0.6% to 98.1%
• Months Supply of Inventory decreased 16.7% to 2.5

All comparisons are to 2016

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

For Week Ending October 21, 2017

The level of real estate activity should subside each week for the remainder of the year. Savvy real estate professionals not only begin to plan now for another successful year next year, but they continue to track the trends to see where prices, listings and other metrics are at relative to last year and all past years of available data. Finding reliable patterns in the trends is a sure way to be of greater service to buyers and sellers. Let’s see where those trends are in our local market.

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

• New Listings increased 10.5% to 1,329
• Pending Sales decreased 4.4% to 1,016
• Inventory decreased 17.7% to 12,042

For the month of September:

• Median Sales Price increased 7.2% to $246,650
• Days on Market decreased 12.3% to 50
• Percent of Original List Price Received increased 0.6% to 98.1%
• Months Supply of Inventory decreased 16.7% to 2.5

All comparisons are to 2016

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

For Week Ending October 14, 2017

Much was made of the homeownership rate dropping to a 50-year low last year. It was thought that tastes had changed, especially among Millennials, and that people craved more mobility through rentals and smaller, more urban homes. Then something happened earlier this year: Millennials drove up the homeownership rate. Judging by continued buyer demand well into autumn, it would seem that owning a home is still as desirable today as it was 50 years ago.

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

• New Listings decreased 1.7% to 1,365
• Pending Sales decreased 5.1% to 1,027
• Inventory decreased 17.2% to 12,247

For the month of September:

• Median Sales Price increased 7.2% to $246,500
• Days on Market decreased 12.3% to 50
• Percent of Original List Price Received increased 0.6% to 98.1%
• Months Supply of Inventory decreased 16.7% to 2.5

All comparisons are to 2016

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

For Week Ending October 7, 2017

Many potential buyers are simply not on the market during this time of year, as school-aged children settle into routines and the gainfully employed focus more on end-of-year goals and holiday planning over taking on a big move. But not all buyers are equal. Consider instead the first-time buyers with no children, relocated employees, investment buyers, bargain hunters and those with generally fewer ties to established routines.

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

• New Listings decreased 1.3% to 1,395
• Pending Sales increased 4.1% to 1,103
• Inventory decreased 16.6% to 12,378

For the month of September:

• Median Sales Price increased 7.3% to $246,800
• Days on Market decreased 12.3% to 50
• Percent of Original List Price Received increased 0.6% to 98.1%
• Months Supply of Inventory decreased 16.7% to 2.5

All comparisons are to 2016

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