For Week Ending November 12, 2016

The sudden elevation in mortgage rates after the election may throw a wrench into the market for both buyers and sellers. Affordability and inventory are already low, and rate spikes coupled with rising prices may keep buyers at bay. In return, potential sellers may forgo selling if they have to lower their asking prices. These are hypothetical situations, of course, and residential real estate is presently performing well.

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

• New Listings decreased 3.8% to 986
• Pending Sales decreased 2.7% to 857
• Inventory decreased 19.0% to 12,334

For the month of October:

• Median Sales Price increased 6.5% to $230,000
• Days on Market decreased 14.3% to 60
• Percent of Original List Price Received increased 0.8% to 96.9%
• Months Supply of Inventory decreased 21.2% to 2.6

All comparisons are to 2015

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

For Week Ending November 5, 2016

It is unclear how having elected the first business person with no prior political experience and a heavy background in real estate as the nation’s president is going to influence the housing market. In the hours and days after the election, financial markets became quite volatile due to the uncertainty. However, it doesn’t seem as though demand from aspiring home buyers will be shrinking in the near future.

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

• New Listings decreased 7.4% to 1,096
• Pending Sales increased 9.4% to 980
• Inventory decreased 17.8% to 12,706

For the month of October:

• Median Sales Price increased 6.5% to $230,000
• Days on Market decreased 14.3% to 60
• Percent of Original List Price Received increased 0.8% to 96.9%
• Months Supply of Inventory decreased 21.2% to 2.6

All comparisons are to 2015

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

For Week Ending October 29, 2016

We enter the fourth quarter of the year knowing that the share of first-time home buyers rose for the first time in approximately three years. This fact is driven primarily by healthy job growth, but we need to see more homes entering the market in order to combat the low inventory struggle witnessed during the entirety of 2016.

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

• New Listings decreased 6.1% to 1,031
• Pending Sales increased 4.2% to 966
• Inventory decreased 16.9% to 13,299

For the month of September:

• Median Sales Price increased 3.6% to $230,000
• Days on Market decreased 13.8% to 56
• Percent of Original List Price Received increased 0.9% to 97.5%
• Months Supply of Inventory decreased 17.1% to 2.9

All comparisons are to 2015

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

For Week Ending October 22, 2016

Even though there are still more than two months remaining on the year, there is little to suggest that the prevailing trends of 2016 will suddenly change. If all holds firm, inventory will trend lower, prices will trend higher and sales will show that demand remains strong, despite having fewer homes to choose from.

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

• New Listings decreased 4.7% to 1,174
• Pending Sales increased 8.2% to 1,001
• Inventory decreased 15.9% to 13,632

For the month of September:

• Median Sales Price increased 3.6% to $230,000
• Days on Market decreased 13.8% to 56
• Percent of Original List Price Received increased 0.9% to 97.5%
• Months Supply of Inventory decreased 20.0% to 2.8

All comparisons are to 2015

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

For Week Ending October 15, 2016

Housing starts may have fallen for the second month in a row, but the cause appears to be an abnormally large decline in the multifamily category. An increase in single-family starts and building permits is a better indicator of a market reacting positively to the prevailing inventory struggle.

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

• New Listings increased 5.0% to 1,364
• Pending Sales decreased 0.1% to 994
• Inventory decreased 16.2% to 13,795

For the month of September:

• Median Sales Price increased 3.6% to $230,000
• Days on Market decreased 13.8% to 56
• Percent of Original List Price Received increased 0.9% to 97.5%
• Months Supply of Inventory decreased 20.0% to 2.8

All comparisons are to 2015

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

For Week Ending October 8, 2016

Cooling weather and recent interest rate hikes have fewer first-time buyers shopping for homes thus far this fall, just as many existing homeowners are cozying up to the idea of remaining in their current homes a little bit longer. With fewer home buyers and homes for sale, we may see sales and sales prices start to mellow, or it could mean that the more serious buyers and sellers will simply have less competition.

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

• New Listings decreased 4.1% to 1,395
• Pending Sales decreased 6.5% to 980
• Inventory decreased 16.5% to 13,832

For the month of September:

• Median Sales Price increased 3.6% to $230,000
• Days on Market decreased 13.8% to 56
• Percent of Original List Price Received increased 0.9% to 97.5%
• Months Supply of Inventory decreased 20.0% to 2.8

All comparisons are to 2015

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

For Week Ending October 1, 2016

As the struggle to maintain adequate inventory levels continues in much of the country, a number of influences have been named as factors in the housing shortage. One probable cause is the large decline in negative equity on homes that were bought before the recession. As prices continue to go up, those homes are either placed on the market and snatched up quickly or they may have even risen to a less affordable price for today’s home shoppers.

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

• New Listings increased 3.9% to 1,429
• Pending Sales decreased 4.0% to 1,066
• Inventory decreased 16.5% to 14,125

For the month of September:

• Median Sales Price increased 3.6% to $230,000
• Days on Market decreased 13.8% to 56
• Percent of Original List Price Received increased 0.9% to 97.5%
• Months Supply of Inventory decreased 20.0% to 2.8

All comparisons are to 2015

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

For Week Ending September 24, 2016

An increase in builder confidence could indicate an increase in construction starts in the near future, which would be great news in a time of continued supply constriction. As rents and sales prices throughout the country continue to rise, adding purchasable housing to the market mix over more rentals would help alleviate the inadequate inventory situation and potentially ease affordability for prospective buyers.

In the Twin Cities region, for the week ending September 24:

• New Listings increased 1.7% to 1,421
• Pending Sales increased 2.2% to 1,044
• Inventory decreased 16.5% to 14,244

For the month of August:

• Median Sales Price increased 5.6% to $237,500
• Days on Market decreased 14.1% to 55
• Percent of Original List Price Received increased 0.8% to 97.9%
• Months Supply of Inventory decreased 21.6% to 2.9

All comparisons are to 2015

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

For Week Ending September 17, 2016

As temperatures start to cool throughout the country, the total number of home sales will cool as well, as is the seasonal nature of the housing market. But with household incomes on the rise within a healthy job market, that doesn’t necessarily equate to a downward year-over-year trend. Continuing supply restrictions will certainly have an effect on numbers that may otherwise obviously point toward sunny day real estate.

In the Twin Cities region, for the week ending September 17:

• New Listings decreased 0.9% to 1,603
• Pending Sales decreased 1.5% to 1,079
• Inventory decreased 17.3% to 14,177

For the month of August:

• Median Sales Price increased 5.6% to $237,500
• Days on Market decreased 14.1% to 55
• Percent of Original List Price Received increased 0.8% to 97.9%
• Months Supply of Inventory decreased 21.6% to 2.9

All comparisons are to 2015

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

For Week Ending September 10, 2016

During a point in time when record-low mortgage rates should be coercing new home buyers into the market, many potential first-time buyers are seemingly not able to afford what is on the market. As labor costs and demand grow, and as a construction labor shortage continues, builders tend toward building more expensive homes, creating a tight supply of entry-level homes. Not all situations match this scenario, but it is certainly an interesting time in the residential real estate marketplace.

In the Twin Cities region, for the week ending September 10:

• New Listings increased 11.0% to 1,722
• Pending Sales decreased 2.0% to 954
• Inventory decreased 17.4% to 14,011

For the month of August:

• Median Sales Price increased 5.6% to $237,500
• Days on Market decreased 14.1% to 55
• Percent of Original List Price Received increased 0.8% to 97.9%
• Months Supply of Inventory decreased 24.3% to 2.8

All comparisons are to 2015

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