For Week Ending September 23, 2017

Last year’s national chorus was about how high buyer demand, a sunny economic outlook and enticingly low mortgage rates were propping up sales and prices in spite of low inventory. That refrain is still common enough, but regional changes continue to become more pronounced, whether due to weather, differing employment expectations or varying new construction outlooks. Let’s look at how our unique local market is performing.

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

• New Listings increased 1.7% to 1,465
• Pending Sales decreased 1.5% to 1,081
• Inventory decreased 16.5% to 12,740

For the month of August:

• Median Sales Price increased 6.8% to $252,000
• Days on Market decreased 14.3% to 48
• Percent of Original List Price Received increased 0.6% to 98.5%
• Months Supply of Inventory decreased 16.7% to 2.5

All comparisons are to 2016

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

For Week Ending September 16, 2017

According to the National Association of Home Builders, there is a rising demand in the new-home market spurred on by ongoing job and economic growth, the continuation of attractive mortgage rates and increased consumer confidence. And there does appear to be a notable increase in building or announced building projects around the country. Builder confidence tends to equate with more construction starts, which would be welcome news in an era of low inventory.

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

• New Listings decreased 5.7% to 1,536
• Pending Sales decreased 7.1% to 1,084
• Inventory decreased 16.5% to 12,740

For the month of August:

• Median Sales Price increased 6.8% to $252,000
• Days on Market decreased 14.3% to 48
• Percent of Original List Price Received increased 0.6% to 98.5%
• Months Supply of Inventory decreased 16.7% to 2.5

All comparisons are to 2016

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

For Week Ending September 9, 2017

For several years, residential real estate markets across the country were relatively similar except for a few pockets of extreme price increases in the west and a few areas of slower post-recession recovery in the east. Regional market diversion is becoming more common. Natural disasters play a part, as do factors such as the proclivities and incomes of a younger buyer pool.

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

• New Listings decreased 3.1% to 1,690
• Pending Sales increased 2.7% to 1,036
• Inventory decreased 16.5% to 12,587

For the month of August:

• Median Sales Price increased 6.8% to $252,000
• Days on Market decreased 14.3% to 48
• Percent of Original List Price Received increased 0.6% to 98.5%
• Months Supply of Inventory decreased 16.7% to 2.5

All comparisons are to 2016

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

For Week Ending September 2, 2017

Market trends have remained steady for the last couple of years, which has allowed residential real estate to flourish in terms of sales activity and buyer demand. Even when total sales are not measuring forward in year-over-year comparisons, it is evident that the market is responding positively to wider economic indicators. Higher prices, fewer days on market and lower months of supply are all usual indicators of healthy activity.

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

• New Listings decreased 2.3% to 1,306
• Pending Sales decreased 4.3% to 1,145
• Inventory decreased 16.5% to 12,852

For the month of July:

• Median Sales Price increased 5.6% to $251,650
• Days on Market decreased 16.4% to 46
• Percent of Original List Price Received increased 0.8% to 99.1%
• Months Supply of Inventory decreased 16.1% to 2.6

All comparisons are to 2016

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

For Week Ending August 26, 2017

Conversationally speaking, it has been a busy and exciting summer for residential real estate. Much has been said about low supply, higher prices and speedy sales, but the truth of the matter is that buyers are snatching up desirable homes no matter the trends. Good transactions are occurring with smart lending practices. Although more inventory would be useful, the market is finding a way to succeed.

In the Twin Cities region, for the week ending August 26:

• New Listings increased 3.7% to 1,499
• Pending Sales decreased 1.3% to 1,227
• Inventory decreased 16.4% to 13,010

For the month of July:

• Median Sales Price increased 5.6% to $251,650
• Days on Market decreased 16.4% to 46
• Percent of Original List Price Received increased 0.8% to 99.1%
• Months Supply of Inventory decreased 16.1% to 2.6

All comparisons are to 2016

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

For Week Ending August 19, 2017

With each passing August day, fewer households with school-aged children are willing to embark upon a big move for fear of unsettling kids from the important routines that lay the groundwork for a good education. But savvy sellers and buyers know that there are good deals to be made in August and well into the school months, as household formations take on many shapes and sizes.

In the Twin Cities region, for the week ending August 19:

• New Listings increased 3.0% to 1,618
• Pending Sales decreased 3.8% to 1,244
• Inventory decreased 16.2% to 12,733

For the month of July:

• Median Sales Price increased 5.9% to $254,000
• Days on Market decreased 16.7% to 45
• Percent of Original List Price Received increased 0.8% to 99.2%
• Months Supply of Inventory decreased 19.4% to 2.5

All comparisons are to 2016

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

For Week Ending August 12, 2017

The prevailing trends have continued to prevail through the summer, which has not really been a surprise. There have not been any jolting changes in the economy that would affect residential real estate. This includes steady news for factors such as wage growth, unemployment, new construction and mortgage rates. Every locality has its unique challenges, but housing as a whole is performing as expected.

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

• New Listings increased 1.2% to 1,668
• Pending Sales decreased 8.0% to 1,195
• Inventory decreased 17.1% to 12,576

For the month of July:

• Median Sales Price increased 5.9% to $254,000
• Days on Market decreased 16.7% to 45
• Percent of Original List Price Received increased 0.8% to 99.2%
• Months Supply of Inventory decreased 19.4% to 2.5

All comparisons are to 2016

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

For Week Ending August 5, 2017

As we reach into August, we’ll begin to see the volume of activity wane in anticipation of the school year. Although not every buyer or seller has children, it’s no secret that homeownership is a popular housing option for those with kids. In bulk, this has historically been enough of a factor for turning down the summer’s market heat before lower temperatures take hold.

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

• New Listings decreased 0.5% to 1,787
• Pending Sales decreased 3.6% to 1,285
• Inventory decreased 16.9% to 12,541

For the month of June:

• Median Sales Price increased 7.0% to $259,000
• Days on Market decreased 16.1% to 47
• Percent of Original List Price Received increased 0.8% to 99.5%
• Months Supply of Inventory decreased 13.3% to 2.6

All comparisons are to 2016

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

For Week Ending July 29, 2017

A favorable economy has kept buyers active amidst a summer of stiff competition that has led prices upward and often over the asking price. The latest recorded national unemployment rate of 4.3 is historically low and has served as a general indicator of a strong economy. If wage growth shifts into overdrive from its current state of patient increases, we may see even higher prices or, conversely, more willingness by sellers to increase the inventory pool.

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

• New Listings decreased 2.3% to 1,686
• Pending Sales decreased 4.7% to 1,300
• Inventory decreased 16.9% to 12,645

For the month of June:

• Median Sales Price increased 7.0% to $259,000
• Days on Market decreased 16.1% to 47
• Percent of Original List Price Received increased 0.8% to 99.5%
• Months Supply of Inventory decreased 13.3% to 2.6

All comparisons are to 2016

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

For Week Ending July 22, 2017

Residential real estate activity has remained robust through the summer months so far. New listing and sales activity may not always land exactly where desired or expected from week to week, but it is clear by gradually increasing prices and ongoing low inventory that buyer demand has not weakened.

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

• New Listings increased 0.9% to 1,842
• Pending Sales decreased 6.3% to 1,297
• Inventory decreased 17.2% to 12,555

For the month of June:

• Median Sales Price increased 7.0% to $259,000
• Days on Market decreased 16.1% to 47
• Percent of Original List Price Received increased 0.8% to 99.5%
• Months Supply of Inventory decreased 13.3% to 2.6

All comparisons are to 2016

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