Nita Morlock

February Monthly Skinny Video

“Markets are eager for increased supply, particularly at the affordable end, so there is hope that some sellers will take advantage of an excellent move up opportunity.”

There is not much new to report this week compared to last week or the week before, but that is more good news than bad news at this juncture of the year. It’s true that more homes listed for sale would be welcome for a housing market ready for an influx of options. At the same time, there is ample evidence of buyers making the most of what is present on the market now. Contracts are being signed, and the prices being paid continue to prove demand.

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

New Listings decreased 20.3% to 1,419
Pending Sales decreased 9.5% to 1,069
Inventory decreased 21.7% to 8,006

For the month of February:

Median Sales Price increased 12.7% to $250,000
Days on Market decreased 15.9% to 69
Percent of Original List Price Received increased 1.6% to 98.0%
Months Supply of Inventory decreased 21.1% to 1.5

All comparisons are to 2017

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

Sales down in early spring market while prices rally

By David Arbit on Friday, March 16th, 2018

The big story of 2017 was threefold: the median sales price reached an all-time high; closed sales reached a 12-year high; and inventory levels reached a 15-year low. Sales nearly broke their all-time record, but fell just short of their all-time 2004 high. In February 2018, new listings posted a year-over-year decline for a fourth consecutive month. Mostly due to the supply shortage, closed sales were lower compared to the year prior for a third consecutive month. For-sale housing supply (inventory) was 23.0 percent lower than February 2017. This shortage has created a competitive environment where multiple offers have become commonplace. Sellers are receiving strong offers close to their original list price in record time, which can sometimes frustrate home buyers. New construction closed sales rose 15.7 percent compared to last February. Although single-family homes made up about 73.0 percent of all sales, condos and townhomes showed the strongest increase in closed sales. Similarly, previously-owned homes made up about 88.7 percent of sales but new construction showed a much stronger increase in pending and closed purchase activity.

February 2018 by the Numbers

Sellers listed 5,072 properties on the market, an 8.0 percent decrease from February 2017
Buyers closed on 2,635 homes, a 6.0 percent decrease from 2017
Inventory levels for February fell 23.0 percent compared to 2017 to 7,537 units, near a 15-year low
Months Supply of Inventory was down 21.1 percent to 1.5 months, also near a 15-year low
The Median Sales Price rose 12.7 percent to $250,000, a record high for February
Cumulative Days on Market declined 15.9 percent to 69 days, on average (median of 38)—a 12-year low
Changes in sales activity varied by market segment
- Single-family sales fell 8.3 percent; condo sales rose 1.9 percent; townhome sales rose 6.3 percent
- Traditional sales fell 1.3 percent; foreclosure sales fell 43.3 percent; short sales fell 39.6 percent
- Previously-owned sales fell 6.3 percent; new construction sales rose 15.7 percent

From The Skinny Blog.

Weekly Market Report

For Week Ending March 3, 2018

We are still not seeing a big surge in new listings or sales as we make our way into the springtime months. Housing activity around the country is generally lagging compared to last year at this time. Lower affordability due to higher mortgage rates and increasing prices could be the culprit for a slower start in 2018. It could also be that some locales have had unseasonably cold weather, holding some people back from listing or buying. Let’s look at how the local market is doing.

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

New Listings decreased 11.1% to 1,569
Pending Sales decreased 19.5% to 1,004
Inventory decreased 21.9% to 7,757

For the month of January:

Median Sales Price increased 9.7% to $244,000
Days on Market decreased 13.8% to 69
Percent of Original List Price Received increased 1.0% to 96.9%
Months Supply of Inventory decreased 22.2% to 1.4

All comparisons are to 2017

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

Weekly Market Report

For Week Ending February 24, 2018

We are in a bit of a residential real estate holding pattern thus far in 2018. While some regions have witnessed a welcome increase in pending sales, declines in metrics such as closed sales, new listings and inventory in national year-over-year comparisons are more common, and it may take until late summer or early fall to see evidence of a predicted increase in inventory. In the mean time, buyer interest has remained strong despite the usual supply challenge.

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

New Listings decreased 8.0% to 1,262
Pending Sales decreased 8.6% to 968
Inventory decreased 22.8% to 7,618

For the month of January:

Median Sales Price increased 9.7% to $244,000
Days on Market decreased 13.8% to 69
Percent of Original List Price Received increased 1.0% to 96.9%
Months Supply of Inventory decreased 22.2% to 1.4

All comparisons are to 2017

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

Weekly Market Report

For Week Ending February 17, 2018

The trends from the last several weeks and, honestly, the last several months remain in place in much of the country as well as locally. The market is trying to sustain a healthy number of listings to keep pace with a consumer base that is clearly in a buying mood. There is real evidence of increased showing activity and anecdotal evidence from busy real estate professionals that we are setting up for another busy year in residential real estate.

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

New Listings decreased 6.1% to 1,277
Pending Sales decreased 14.9% to 887
Inventory decreased 23.8% to 7,420

For the month of January:

Median Sales Price increased 9.4% to $243,500
Days on Market decreased 13.8% to 69
Percent of Original List Price Received increased 1.0% to 96.9%
Months Supply of Inventory decreased 22.2% to 1.4

All comparisons are to 2017

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

January Monthly Skinny Video

“We are now several years deep into a period of rising prices and low inventory”

Weekly Market Report

For Week Ending February 10, 2018

The market needs an increase in new listings in order to build inventory. It is something that has been needed for some time, and there has been positive movement in that regard in desirable submarkets. But it has not been consistent from week to week in year-over-year comparisons. Another way to boost inventory is to have fewer sales, but nobody wants to see that become an ongoing trend.

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

New Listings increased 0.7% to 1,364
Pending Sales decreased 6.9% to 853
Inventory decreased 25.5% to 7,139

For the month of January:

Median Sales Price increased 9.2% to $243,000
Days on Market decreased 13.8% to 69
Percent of Original List Price Received increased 1.0% to 96.9%
Months Supply of Inventory decreased 22.2% to 1.4

All comparisons are to 2017

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

Sluggish start to 2018 after a record 2017

By David Arbit on Friday, February 16th, 2018

The big story of 2017 was threefold: the median sales price reached an all-time high; closed sales reached a 12-year high; and inventory levels reached a 15-year low. Sales nearly broke their all-time record, but fell just 12 units short of their all-time 2004 high. In January 2018, new listings posted a year-over-year decline for a third consecutive month. Because of the supply shortage, closed sales were lower compared to the year prior for a second consecutive month. For-sale housing supply (inventory) was about a quarter lower than January 2017. This shortage has created a competitive environment where multiple offers have become commonplace. Sellers are receiving strong offers close to their original list price in record time, which can sometimes frustrate home buyers. New construction pending sales rose nearly 14.0 percent compared to last January. Although single-family homes made up about 76.0 percent of all sales, townhomes were the only segment to show an increase in pending sales. Similarly, previously-owned homes made up about 91.0 percent of sales but new construction showed a much stronger increase in pending purchase activity.

January 2018 by the Numbers

• Sellers listed 4,041 properties on the market, a 7.8 percent decrease from January 2017
• Buyers closed on 2,758 homes, a 4.4 percent decrease from 2017
• Inventory levels for January fell 26.3 percent compared to 2017 to 6,875 units, near a 15-year low
• Months Supply of Inventory was down 27.8 percent to 1.3 months, a 15-year low
• The Median Sales Price rose 9.6 percent to $243,750, a record high for January
• Cumulative Days on Market declined 13.8 percent to 69 days, on average (median of 45)—a 12-year low
• Changes in sales activity varied by market segment

From The Skinny Blog.

Weekly Market Report

For Week Ending February 3, 2018

As we get beyond the newness of the year and into the idea that 2018 is here and now, there is plenty of excitement about the promise presented within strong economic conditions and an active real estate market. Buyers are taking fresh listings that show well off the market in short order, and it is evident that the lack of inventory is driving prices up and market time down.

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

New Listings decreased 24.2% to 1,000
Pending Sales decreased 19.3% to 767
Inventory decreased 25.0% to 7,062

For the month of December:

Median Sales Price increased 9.7% to $248,000
Days on Market decreased 15.3% to 61
Percent of Original List Price Received increased 1.3% to 97.1%
Months Supply of Inventory decreased 26.3% to 1.4

All comparisons are to 2017

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