Nine Straight Months of Year-Over Year Price Gains

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Despite the dramatic arrival of winter, the housing market has retained much of its summer heat. Three decisive trends continued through November: Buyer activity outperformed year-ago levels, inventory dropped and, for a ninth consecutive month, home prices rose compared to 2011. In simpler terms, more homes sold in less time at higher prices and for closer to asking price than last year. During November, 3,843 homes closed, 20.0 percent higher than November 2011. There were 3,587 pending sales, a 12.6 percent increase over last year.

The median sales price was up 16.9 percent to $173,000. The 10K Housing Value Index showed a more modest 9.1 percent increase to $173,113. The number of homes for sale fell 29.4 percent to 13,860 active listings – the lowest number since January 2003. Consequently, seller sentiment has become even more critical to housing recovery. There is evidence of improvement on this front.

The median sales price has risen for nine consecutive months. Less supply, more demand and a healing distressed segment have enabled this trend. Overall, new listings were up 0.2 percent. However, traditional new listings were up 27.8 percent while foreclosure and short sale new listings fell 21.1 and 45.7 percent, respectively. Thus, a pullback in bank-mediated listings has diluted a significant increase in traditional seller activity.

Similarly, closed sales were up 20.0 percent overall, but traditional sales were up 50.4 percent while foreclosures and short sales were down 14.9 and 2.7 percent, respectively. As for the shifting market share, traditional sales made up 64.2 percent of sales, foreclosures 24.6 percent and short sales 11.2 percent.

Months’ supply of inventory fell 40.6 percent to 3.4 months. Figures below 4.0 months of supply are typically hallmarks of sellers’ markets. Homes tended to sell in 104 days, on average, 25.9 percent quicker than last year. Sellers received 94.3 percent of their list price, on average, up from 90.9 percent last year. Conventional financing comprised 48.5 percent of all closed sales; FHA financing was used on 23.1 percent of sales; cash buyers made up 20.6 percent of sales.

From The Skinny.

Weekly Market Report

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This year has brought sustained turnaround in a variety of areas and market segments. It’s why many in the housing industry are optimistic about 2013. Attractive mortgage rates, affordable inventory and a healing jobs picture give reason to believe that year-over-year improvements will continue into and after the traditional holiday slowdown.

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

  • New Listings increased 0.7% to 1,019
  • Pending Sales increased 18.6% to 977
  • Inventory decreased 29.0% to 14,260

For the month of November:

  • Median Sales Price increased 16.9% to $173,000
  • Days on Market decreased 25.9% to 103
  • Percent of Original List Price Received increased 3.7% to 94.3%
  • Months Supply of Inventory decreased 40.6% to 3.4

Click here for the full Weekly Market Activity Report.

From The Skinny.

Weekly Market Report

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Home buyers entered more contracts and homeowners listed more properties than during the same week of 2011. As a whole, 2012 is shaping up to be quite the pivotal year for housing. With 2013 right around the corner, the smart money is monitoring seller concessions, market times, absorption rates and, of course, home prices. The genius money is watching foreclosure listing and sales volumes, delinquency rates and showing activity.

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

  • New Listings increased 0.7% to 607
  • Pending Sales increased 12.8% to 608
  • Inventory decreased 28.8% to 14,546

For the month of October:

  • Median Sales Price increased 14.8% to $175,000
  • Days on Market decreased 25.2% to 103
  • Percent of Original List Price Received increased 3.5% to 94.5%
  • Months Supply of Inventory decreased 39.6% to 3.8

Click here for the full Weekly Market Activity Report.

From The Skinny.

Weekly Market Report

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This year, there’s a lot to be thankful for beyond the traditional holiday bird. Home buyers can be thankful for record-low mortgage rates. Sellers can be thankful for the possibility of getting more money in less listing time. Some homeowners are thankful for the housing recovery because it may alleviate underwater situations.

Tryptophan doesn’t seem to be slowing buyer and seller optimism.

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

  • New Listings increased 11.4% to 1,046
  • Pending Sales increased 9.8% to 843
  • Inventory decreased 29.4% to 14,770

For the month of October:

  • Median Sales Price increased 14.8% to $175,000
  • Days on Market decreased 25.2% to 103
  • Percent of Original List Price Received increased 3.5% to 94.5%
  • Months Supply of Inventory decreased 40.1% to 3.7

Click here for the full Weekly Market Activity Report.

From The Skinny.

November Monthly Skinny Video

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Where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity. Narrated by Jennifer Cutter (2012 Treasurer, Minneapolis Area Association of REALTORS®), video produced by Chelsie Lopez.

Weekly Market Report

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Housing continues to be a bright spot in the national economy. Locally, we enjoyed more sales and additional seller activity. As prices firm up, some sellers will be lifted out of unenviable positions while others will receive a confidence booster. That’s a good thing, since buyers at some price points are struggling to find inventory. Additional evidence of turnaround will come by way of days on market, the average ratio of sold to list price and absorption rates generally under five months.

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

  • New Listings decreased 9.0% to 1,015
  • Pending Sales increased 11.3% to 883
  • Inventory decreased 29.1% to 15,007

For the month of October:

  • Median Sales Price increased 14.8% to $175,000
  • Days on Market decreased 25.3% to 103
  • Percent of Original List Price Received increased 3.5% to 94.5%
  • Months Supply of Inventory decreased 40.5% to 3.7

Click here for the full Weekly Market Activity Report.

From The Skinny.

Weekly Market Report

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1.3 million. That’s how many Americans were reportedly lifted out of underwater mortgage situations this year from rising home prices, according to the Obama administration’s October Housing Scorecard. There’s more going on than meets the eye here. Rising prices also help restore tax base, decreasing the likelihood of tax increases later. National GDP even benefits. When real estate is chugging along, things are good. And now, arguably more so than ever in the past four or
five years, real estate is starting to chug again. It’s not at full speed yet, but the open track ahead beckons.

In the Twin Cities region, for the week ending November 3:

  • New Listings decreased 1.0% to 1,125
  • Pending Sales increased 25.3% to 930
  • Inventory decreased 27.7% to 15,434

For the month of October:

  • Median Sales Price increased 14.8% to $174,995
  • Days on Market decreased 25.0% to 103
  • Percent of Original List Price Received increased 3.5% to 94.4%
  • Months Supply of Inventory decreased 41.0% to 3.7

Click here for the full Weekly Market Activity Report.

From The Skinny.

Weekly Market Report

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Over the course of the year, we’ve cleverly devised new tactics each week to communicate just how far the market has come. This week is no exception. Most level-headed housing advocates agree that lower residential vacancy rates are a good thing. Well, chalk one up for level-headed housing advocates, because Reuters just reported that the U.S. residential vacancy rate fell to 1.9 percent in the third quarter. That’s the lowest level in seven years. It’s just the latest installment of overwhelming bullish housing news.

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

  • New Listings decreased 3.0% to 1,037
  • Pending Sales increased 11.1% to 914
  • Inventory decreased 28.8% to 15,700

For the month of September:

  • Median Sales Price increased 12.7% to $174,625
  • Days on Market decreased 28.5% to 101
  • Percent of Original List Price Received increased 4.1% to 94.8%
  • Months Supply of Inventory decreased 38.8% to 4.1

Click here for the full Weekly Market Activity Report.

From The Skinny.

Weekly Market Report

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The housing market is improving. But don’t take our word for it. CoreLogic, Standard & Poor’s, FHFA and the NAHB all closely monitor a diverse array of housing data and indicators. At some point over the past six months, every single one of these indices has either reached a multi-year high or has shown several consecutive months of improvements. Does that mean every home in every neighborhood in every city across America is worth more today than it was a year ago? Of course not. But you’d be surprised just how robust this recovery is. Go ahead, dig into the numbers and see for yourself.

In the Twin Cities region, for the week ending October 20:

  • New Listings increased 0.6% to 1,110
  • Pending Sales increased 33.3% to 1,012
  • Inventory decreased 28.5% to 15,903

For the month of September:

  • Median Sales Price increased 12.8% to $174,813
  • Days on Market decreased 28.5% to 101
  • Percent of Original List Price Received increased 4.0% to 94.8%
  • Months Supply of Inventory decreased 39.2% to 4.1

Click here for the full Weekly Market Activity Report.

From The Skinny.

Weekly Market Report

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Housing pessimism is as out of fashion nowadays as bell bottoms and shoulder pads. Those who are still fishing for that elusive “market bottom” have likely missed it in most areas. The major story continues to be tightened inventory and high buyer turnout. Homes should be selling faster and for closer to list price – or even above in the hottest neighborhoods. Continue to monitor key differences between the foreclosure and traditional segments as well as variability between the single-family and condo markets.

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

  • New Listings increased 7.3% to 1,252
  • Pending Sales increased 26.7% to 954
  • Inventory decreased 28.8% to 16,017

For the month of September:

  • Median Sales Price increased 12.6% to $174,500
  • Days on Market decreased 28.4% to 101
  • Percent of Original List Price Received increased 4.0% to 94.8%
  • Months Supply of Inventory decreased 39.6% to 4.1

Click here for the full Weekly Market Activity Report.

From The Skinny.