The tempo in residential housing has remained upbeat through the first five months of 2012. Year-to-date figures begin to sing a compelling tune at this time of year, and the song thus far is that markets are moving back toward balance and home prices are beginning to reflect that stabilization. For the most recent week, buyer activity was higher than year-ago levels while listing activity registered lower. Keep an eye on months supply, seller concessions, market times and foreclosure rates. Multiple offers are back and tentative owners looking to move should take note. It’s okay to sing in public again.
In the Twin Cities region, for the week ending May 19:
- New Listings decreased 9.6% to 1,533
- Pending Sales increased 18.6% to 1,116
- Inventory decreased 29.4% to 17,648
For the month of April:
- Median Sales Price increased 12.1% to $162,500
- Days on Market decreased 15.2% to 135
- Percent of Original List Price Received increased 3.6% to 93.4%
- Months Supply of Inventory decreased 42.0% to 4.8
Weekly Market Report
Houses are just things. Boxes waiting to be filled. In the hands of caring, nurturing citizens, those simple boxes become homes that create memories and fortify communities for generations. This May, more than 13,000 REALTORS® rallied at the Washington Monument to preserve the American Dream of homeownership. Some components of the dream are being threatened by budget pressures and market realities. But homeownership is very much alive and well, as more than three out of five residencies are owner-occupied in the U.S. Moreover, buyer demand has been impressive throughout the year. As Franklin D. Roosevelt famously stated: “A nation of homeowners is unconquerable.” Our response in 2012: Fill the box!
In the Twin Cities region, for the week ending May 12:
- New Listings decreased 11.8% to 1,485
- Pending Sales increased 18.9% to 1,159
- Inventory decreased 28.3% to 17,761
For the month of April:
- Median Sales Price increased 12.1% to $162,500
- Days on Market decreased 15.1% to 135
- Percent of Original List Price Received increased 3.6% to 93.4%
- Months Supply of Inventory decreased 42.4% to 4.7
Weekly Market Report
If only there were a system of grand, colorful lights for tracking residential real estate. Green for rising market, yellow for a transitional market and red for declining market. Let’s see if we can try to determine today’s market without the ease of well-known signals. Prices are bottoming and starting to rise. Buyer activity is showing year-over-year gains. Homes are selling faster and closer to list price. Multiple offers are becoming commonplace. Inventory levels are leaning toward the seller. Green means go.
In the Twin Cities region, for the week ending May 5:
- New Listings decreased 6.6% to 1,643
- Pending Sales increased 41.9% to 1,232
- Inventory decreased 28.3% to 17,579
For the month of April:
- Median Sales Price increased 12.1% to $162,500
- Days on Market decreased 15.1% to 135
- Percent of Original List Price Received increased 3.6% to 93.4%
- Months Supply of Inventory decreased 43.1% to 4.7
Weekly Market Report
Buyers don’t live in a spreadsheet. When they find a home to love and cherish, they don’t intellectualize it too much. There are generally fewer homes on the market, they’re selling more quickly and prices in most areas are no longer in a downtrend. Dwindling inventories means there’s less competition and more pricing power for sellers, who are finally starting to be rewarded by strong buyer activity. Interest rates at 50-year lows doesn’t hurt either. Love is in the air and all around the housing market.
In the Twin Cities region, for the week ending April 28:
- New Listings decreased 14.9% to 1,475
- Pending Sales increased 21.4% to 1,187
- Inventory decreased 28.0% to 17,603
For the month of March:
- Median Sales Price increased 7.1% to $149,900
- Days on Market decreased 9.7% to 144
- Percent of Original List Price Received increased 3.8% to 92.1%
- Months Supply of Inventory decreased 37.2% to 4.8
Weekly Market Report
There’s that sound again. It’s the media message you once heard on the TV and radio or read in newspapers and on the Internet in days seemingly long gone. Real estate stories are mostly being cast in a generous light. That’s all well and good, but is now the time to list or buy? Answering that question still relies upon many specific, localized, determining factors, but we have reached a place where the process is generally more positive and enjoyable. That big American dream of homeownership is no longer haunted by night terrors.
In the Twin Cities region, for the week ending April 21:
- New Listings increased 13.9% to 1,677
- Pending Sales increased 41.2% to 1,281
- Inventory decreased 28.4% to 17,447
For the month of March:
- Median Sales Price increased 7.1% to $149,900
- Days on Market decreased 9.7% to 144
- Percent of Original List Price Received increased 3.8% to 92.1%
- Months Supply of Inventory decreased 37.6% to 4.7
Weekly Market Report
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Job growth, low mortgage rates, rising rents and a relatively inexpensive housing stock. These are just some of the playful teases in the burlesque revue that is today’s market recovery. Another week passed with buyers displaying no signs of slowing down. In general, sellers are discovering a less-intimidating scene, and buyers are reveling in the showy marketplace. As expected, spring’s warming glow continues to fuel optimism and consumer activity. But that won’t necessarily be the case in every area or segment, so do your research before making that move.
In the Twin Cities region, for the week ending April 14:
- New Listings decreased 9.5% to 1,637
- Pending Sales increased 25.5% to 1,170
- Inventory decreased 27.8% to 17,384
For the month of March:
- Median Sales Price increased 7.1% to $149,900
- Days on Market decreased 9.6% to 145
- Percent of Original List Price Received increased 3.8% to 92.1%
- Months Supply of Inventory decreased 38.0% to 4.7
Weekly Market Report
Market sentiment can become a self-fulfilling prophecy. Just as negative economic news sent a chill through the housing industry over the last several years, a newly confident consumer buying up excess inventory and further housing-related sundries helps stabilize and support home values. Some sellers are even starting to see rising prices. The numbers are beginning to reflect the fact that multiple offers on homes for sale are now more than anecdotal conversation between real estate professionals. For this week, new listings were down while purchase contracts were up compared to the same week in April 2011.
In the Twin Cities region, for the week ending April 7:
- New Listings decreased 19.0% to 1,411
- Pending Sales increased 15.5% to 1,036
- Inventory decreased 27.3% to 17,289
For the month of March:
- Median Sales Price increased 7.1% to $149,900
- Days on Market decreased 9.4% to 145
- Percent of Original List Price Received increased 3.8% to 92.1%
- Months Supply of Inventory decreased 38.5% to 4.7
Weekly Market Report
The weekly scorecard showcases that home buyers were more active compared to the same week last year. Buyers have been taking advantage of an affordable market, but sellers in many areas have been lazing in the tall grass like lions as the herd moves past. Watch for a changing landscape this spring and summer. Even skeptical sellers are sensing a need to get back into the hunt.
In the Twin Cities region, for the week ending March 31:
- New Listings decreased 12.1% to 1,532
- Pending Sales increased 25.2% to 1,113
- Inventory decreased 27.2% to 17,274
For the month of March:
- Median Sales Price increased 6.4% to $149,000
- Days on Market decreased 10.0% to 144
- Percent of Original List Price Received increased 3.7% to 92.1%
- Months Supply of Inventory decreased 39.2% to 4.6
Weekly Market Report
The last time you were at the doctor, your vital signs were checked – heart rate, pulse, temperature and blood pressure. Progress was documented and valuable insights were gained, whether it was a routine visit or one of many checks during an extended hospital stay. The housing market has been in and out of intensive care for the past several years. Monitoring vitals matters, and that’s what you’ll find on the following pages. The pulse of today’s market indicates that we may be getting ready to leave the ICU. So if you could just please pull up your sleeve, let’s check your blood pressure.
In the Twin Cities region, for the week ending March 24:
- New Listings increased 2.2% to 1,414
- Pending Sales increased 30.2% to 1,052
- Inventory decreased 27.3% to 17,193
For the month of February:
- Median Sales Price decreased 1.4% to $138,000
- Days on Market decreased 9.0% to 145
- Percent of Original List Price Received increased 2.5% to 90.6%
- Months Supply of Inventory decreased 34.8% to 4.7
Washington County Offers Zero-Interest Loans for Home Projects
Loans of up to $18,000 are being offered to homeowners with no interest, no monthly payments and repayment deferred until home is sold or transferred.