For Week Ending July 11, 2015

With the economy on the ups these days, the Federal Reserve Chair, Janet Yellen, is predicting a fine-tuning of monetary policy by the end of the year. In tandem with the improving economy, the unemployment rate dropped by 0.2 percent to 5.3 percent for June 2015. It is widely believed that interest rates will go up before the year is over, which is a pretty clear indicator that the housing market is thrumming along at a good clip.

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

• New Listings increased 2.7% to 2,143
• Pending Sales increased 7.5% to 1,310
• Inventory decreased 9.0% to 16,655

For the month of June:

• Median Sales Price increased 4.7% to $229,900
• Days on Market decreased 5.7% to 66
• Percent of Original List Price Received increased 0.5% to 97.7%
• Months Supply of Inventory decreased 15.9% to 3.7

All comparisons are to 2014

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

For Week Ending July 4, 2015

As fireworks go boom, the boom of housing’s summer selling season tends to relax across the country, giving way to Facebook photos of families and friends at picnics and on road trips. Amidst the red, white and blue Instagram filters and patriotic Twitter profile pics, you’ll still likely see evidence of sales being made and articles about overall affordability. So take a quick break to play catch or chomp a hot dog, because the homeownership dream is alive and thriving this summer.

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

• New Listings increased 0.2% to 1,270
• Pending Sales increased 13.3% to 1,184
• Inventory decreased 7.5% to 16,940

For the month of June:

• Median Sales Price increased 4.7% to $229,900
• Days on Market decreased 5.7% to 66
• Percent of Original List Price Received increased 0.5% to 97.7%
• Months Supply of Inventory decreased 15.9% to 3.7

All comparisons are to 2014

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

For Week Ending June 27, 2015

Most markets in the U.S. should still be seeing that nice steady buzz of new listings and closed sales. The most opportune time of the year to get residential real estate business closed continues into the summer months. There will be an expected drop in activity around the Independence Day festivities and scheduled summer vacations, but it would not be shocking to see heightened activity in July and August in front of possible rate hikes later in the year.

In the Twin Cities region, for the week ending June 27:

• New Listings increased 1.3% to 1,861
• Pending Sales increased 20.0% to 1,462
• Inventory decreased 7.3% to 16,998

For the month of May:

• Median Sales Price increased 6.6% to $223,950
• Days on Market decreased 5.0% to 76
• Percent of Original List Price Received increased 0.7% to 97.5%
• Months Supply of Inventory decreased 9.8% to 3.7

All comparisons are to 2014

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

For Week Ending June 13, 2015

When Lewis and Clark looked over the horizon and saw the Pacific Ocean, they were charting the future while applying lessons learned on a long, historic journey. In the housing market, it is also important to look to the future with a nod to the past. The market has come a long way since the burst of 2008. May we always thank the past for teaching us how to pursue our futures. And may we always have a market interpreter as able and wise as Sacagawea.

In the Twin Cities region, for the week ending June 13:

• New Listings decreased 0.8% to 2,058
• Pending Sales increased 21.1% to 1,523
• Inventory decreased 6.0% to 16,512

For the month of May:

• Median Sales Price increased 6.7% to $224,000
• Days on Market decreased 5.0% to 76
• Percent of Original List Price Received increased 0.7% to 97.5%
• Months Supply of Inventory decreased 9.8% to 3.7

All comparisons are to 2014

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

For Week Ending June 6, 2015

As we approach the halfway point of the year, we’ll begin to see some midterm report cards from anyone who wants to share an opinion or write a headline. If you have been reading these weekly excerpts, you already know that we are tracking along a predicted path. The residential real estate market was expected to be good at this point. Hiring is up, unemployment is low, sales are up, rates are low, prices are up and inventory is low. The gentle sway of up and low is making for an enjoyable ride, with no bubbles in sight.

In the Twin Cities region, for the week ending June 6:

• New Listings increased 1.4% to 2,183
• Pending Sales increased 10.9% to 1,413
• Inventory decreased 5.2% to 16,253

For the month of May:

• Median Sales Price increased 6.7% to $224,000
• Days on Market decreased 5.0% to 76
• Percent of Original List Price Received increased 0.7% to 97.5%
• Months Supply of Inventory decreased 12.2% to 3.6

All comparisons are to 2014

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

For Week Ending May 30, 2015

As we get closer to the official calendar launch of summer, residential real estate is taking off. The market may seem slower than in past spring/summer sprints, but numbers are by no means dismal. Whether the buyer category is dominated by Millennial, Generation X or move-up buyers from previous generations is no matter; activity is happening.

In the Twin Cities region, for the week ending May 30:

• New Listings decreased 2.9% to 1,696
• Pending Sales increased 23.5% to 1,357
• Inventory decreased 4.6% to 16,202

For the month of May:

• Median Sales Price increased 6.7% to $224,000
• Days on Market decreased 5.0% to 76
• Percent of Original List Price Received increased 0.7% to 97.5%
• Months Supply of Inventory decreased 12.2% to 3.6

All comparisons are to 2014

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

For Week Ending May 23, 2015

The pattern has continued mostly unabated for the first part of the year thus far. In year-over-year comparisons, new listings have been up, sales have been up and inventory has been down. This was expected when the year began, and it has been a comfort to see this level of predictability. When something as important as a home purchase feels like a safe bet, the economy can continue to improve and prosperity is palpable.

In the Twin Cities region, for the week ending May 23:

• New Listings increased 0.7% to 1,881
• Pending Sales increased 18.6% to 1,500
• Inventory decreased 4.0% to 16,078

For the month of April:

• Median Sales Price increased 9.7% to $215,000
• Days on Market decreased 4.5% to 85
• Percent of Original List Price Received increased 1.1% to 97.0%
• Months Supply of Inventory decreased 2.8% to 3.5

All comparisons are to 2014

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

For Week Ending May 16, 2015

The song remains the same. While new listings and sales increase, inventory is not always able to keep pace. Demand is high as mortgage rates remain low. There are homes to choose from, for sure, but there should be more if balance is expected to be more than novelty. New construction is occurring, but the notable projects are just as liable to be rental as for sale. The dynamics of residential real estate are ever shifting, churning.

In the Twin Cities region, for the week ending May 16:

• New Listings increased 7.4% to 2,187
• Pending Sales increased 29.4% to 1,488
• Inventory decreased 2.9% to 15,748

For the month of April:

• Median Sales Price increased 9.7% to $215,000
• Days on Market decreased 4.5% to 85
• Percent of Original List Price Received increased 1.1% to 97.0%
• Months Supply of Inventory decreased 2.8% to 3.5

All comparisons are to 2014

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

For Week Ending May 9, 2015

As we press through May, the residential real estate market is really hitting its paces. Sales activity has been plentiful and REALTORS® are busier than ever. The Bureau of Labor Statistics recently released April numbers, and they are still quite positive. The nation added 223,000 jobs and the national unemployment rate dropped to 5.4%. The need for more inventory is an ongoing issue, but not one that thwarts optimism in the marketplace.

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

• New Listings increased 7.1% to 2,117
• Pending Sales increased 24.0% to 1,526
• Inventory decreased 1.8% to 15,518

For the month of April:

• Median Sales Price increased 9.7% to $215,000
• Days on Market decreased 4.5% to 85
• Percent of Original List Price Received increased 1.1% to 97.0%
• Months Supply of Inventory decreased 2.8% to 3.5

All comparisons are to 2014

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

For Week Ending May 2, 2015

Through research conducted by the National Association of REALTORS® on the 100 largest housing markets in the nation, it was revealed that 93 out of 100 had uneven wealth ratios and declining homeownership between 2010 and 2013. Homeownership has dropped as slow wage growth, low inventory and tough mortgage standards have become the norm. Activity is spring fresh and exciting at the moment, but it is important to be mindful of the long game.

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

• New Listings increased 10.5% to 2,050
• Pending Sales increased 26.0% to 1,512
• Inventory decreased 1.3% to 15,298

For the month of April:

• Median Sales Price increased 10.2% to $216,000
• Days on Market decreased 4.5% to 85
• Percent of Original List Price Received increased 1.1% to 97.0%
• Months Supply of Inventory decreased 2.8% to 3.5

All comparisons are to 2014

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