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. Video produced by Chelsie Lopez.
Weekly Market Report
For several weeks, markets across the country have seen consistent gains in sales, prices and percent of list price received at sale. Things like steadily low rates, less lender-mediated inventory and increased consumer confidence are all helping this reality. Each and every week reveals signs of a recovered market that are going from temporary yard sign to permanent road sign. Here’s to hoping for prosperous signs on the road ahead.
In the Twin Cities region, for the week ending September 14:
- New Listings increased 19.5% to 1,625
- Pending Sales increased 8.3% to 1,006
- Inventory decreased 8.0% to 16,095
For the month of August:
- Median Sales Price increased 16.9% to $207,900
- Days on Market decreased 34.0% to 70
- Percent of Original List Price Received increased 2.0% to 97.0%
- Months Supply of Inventory decreased 18.2% to 3.6
Click here for the full Weekly Market Activity Report.From The Skinny.
Weekly Market Report
A pendulum spends little time in the middle. It tends to overswing center and hang out at the extreme before changing directions. Apply that to housing. Two or three years ago, almost no one would have foreshadowed concern over affordability, yet that’s what some are cautioning against in an environment of rising prices and interest rates. It would take further increases to truly rattle confidence and sentiment, but it’s wise to monitor the market recovery’s dual-edged saber.
In the Twin Cities region, for the week ending September 7:
- New Listings increased 18.6% to 1,511
- Pending Sales decreased 4.5% to 857
- Inventory decreased 8.9% to 15,891
For the month of August:
- Median Sales Price increased 16.9% to $207,900
- Days on Market decreased 34.0% to 70
- Percent of Original List Price Received increased 2.0% to 97.0%
- Months Supply of Inventory decreased 18.2% to 3.6
Click here for the full Weekly Market Activity Report.From The Skinny.
Foreclosure and Short Sales at Lowest Level Since 2007
Twin Cities home buyers were unflustered by slightly higher interest rates in August as pending sales were up 10.9 percent to 5,244. Along with rising prices, increased sales activity is fueling housing demand, while buyers continue to watch inventory levels for more options.
New listings rose 16.5 percent to 6,951, marking the fifth consecutive year-over-year increase in seller activity. Buyers have 15,773 properties from which to choose – 9.9 percent fewer than August 2012 but 21.2 percent more than in January 2013.
The overall median sales price was $208,000, up 16.9 percent compared to August 2012. A shift in sales type is driving this price growth. At this time last year, foreclosures and short sales together comprised 35.8 percent of all sales activity. In August 2013, these two distressed segments made up just 20.7 percent of all sales. On the seller side, the percentage of all new listings that were distressed in August fell to 17.8 percent, down from 32.7 percent in 2012.
While closed sales were up 8.9 percent overall, traditional buyer activity was up 34.7 percent. Foreclosure sales and short sales were down 34.5 and 43.5 percent, respectively. Similarly, new listings were up 16.5 percent overall, but traditional seller activity rocketed 42.1 percent higher. Foreclosure new listings fell 31.4 percent and short sale new listings fell 46.0 percent. With 18 straight months of year-over-year median price gains, multiple-offer situations still common and 3.6 months’ supply of inventory, few thought that the pendulum would swing this far this fast. Homes are selling in an average of 70 days – the quickest pace in six and a half years. Sellers are receiving an average of 97.0 percent of their original list price – the highest ratio in approximately seven years.
The traditional median sales price rose 3.7 percent to $228,000; the foreclosure median sales price was up 14.1 percent to $140,400; the short sale median sales price increased 13.4 percent to $142,608. On average, traditional homes sold in 62 days for 97.2 percent of original list price, foreclosures sold in 79 days for 97.1 percent of original list price and short sales lagged at 163 days and 94.2 percent of original list price.
Weekly Market Report
Whether it’s accommodative monetary policy, the promise of less shadowy shadow inventory or increased economic recovery, U.S. housing continues along a path of sustainable growth. Rising prices are drawing otherwise
reluctant or previously underwater sellers. And buyers are grateful for any additional supply. Intervention from the Fed may or may not be on the horizon. Nonetheless, there’s reason to be confident in positive market longevity.
In the Twin Cities region, for the week ending August 31:
- New Listings increased 16.3% to 1,359
- Pending Sales increased 22.9% to 1,243
- Inventory decreased 9.3% to 16,081
For the month of August:
- Median Sales Price increased 16.9% to $208,000
- Days on Market decreased 34.0% to 70
- Percent of Original List Price Received increased 2.0% to 97.0%
- Months Supply of Inventory decreased 18.2% to 3.6
Click here for the full Weekly Market Activity Report.From The Skinny.
Weekly Market Report
So far this summer, housing has achieved a soft, warm glow. If healing growth in the economy and labor markets persists, housing will be more than ready to weather tapering Fed activity – regardless of when it comes. Both local and national market indicators can’t yet contradict any confidence in rising home prices or dwindling inventory supplies. Let’s take a look into your locale to see how residential real estate is faring.
In the Twin Cities region, for the week ending August 17:
- New Listings increased 27.8% to 1,643
- Pending Sales increased 8.7% to 1,173
- Inventory decreased 10.1% to 16,124
For the month of July:
- Median Sales Price increased 16.8% to $208,000
- Days on Market decreased 31.4% to 72
- Percent of Original List Price Received increased 2.6% to 97.5%
- Months Supply of Inventory decreased 19.6% to 3.7
Click here for the full Weekly Market Activity Report.From The Skinny.
August Monthly Skinny Video
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 David Arbit (Research Manager, Minneapolis Area Association of REALTORS® & 10K Research), video produced by Chelsie Lopez.
Weekly Market Report
In the world of costs and benefits, no good deed goes unpunished and every rain cloud has a silver lining. The Commerce Department recently reported that consumer retail spending had risen the most in seven months. That bodes well for residential real estate – an industry sensitive to consumer confidence and spending levels.
But it could force the Federal Reserve’s hand in tapering stimulatory monetary policy sooner than later, something that could push interest rates off their current lows.
In the Twin Cities region, for the week ending August 10:
- New Listings increased 19.1% to 1,650
- Pending Sales increased 10.1% to 1,197
- Inventory decreased 11.3% to 15,990
For the month of July:
- Median Sales Price increased 16.8% to $208,000
- Days on Market decreased 31.4% to 72
- Percent of Original List Price Received increased 2.6% to 97.5%
- Months Supply of Inventory decreased 21.7% to 3.6
Click here for the full Weekly Market Activity Report.From The Skinny.
Traditional (Non-Bank) Activity Driving the Housing Market Up
The Twin Cities were once again buzzing with housing activity in July. Rising rents combined with still-favorable prices and mortgage rates have resulted in ongoing housing recovery. House hunters continue to eye seller activity for hints of additional inventory. New listings rose a healthy 24.6 percent, the second-largest gain since April 2010. Buyers have 15,671 properties from which to choose – 13.0 percent fewer than in July 2012 but still marking the smallest year-over-year decline in inventory in more than two years.
The overall median sales price was $208,757, up 17.2 percent compared to July 2012. A shift in sales type is driving this price growth. As recently as July 2011, foreclosures and short sales together comprised 45.4 percent of all sales activity. In July 2013, these two distressed segments made up just 20.6 percent of all sales. On the seller side, the percentage of all new listings that were distressed in July fell to 17.9 percent, down from 41.2 percent in July 2011.
New listings were up 24.6 percent overall, but traditional seller activity surged 55.7 percent – the most in nearly ten years. Foreclosure new listings decreased 31.2 percent and short sale new listings fell 42.1 percent. With 17 straight months of year-over-year median price gains, multiple-offer situations and just 3.6 months’ supply of inventory, the same market that recently favored buyers is now tilting toward sellers. Homes are selling in an average of 72 days – the quickest pace in six and a half years. Sellers are receiving an average of 97.5 percent of their original list price – the highest ratio in just over seven years.
The traditional median sales price rose 3.6 percent to $224,900; the foreclosure median sales price was up 11.6 percent to $135,000; the short sale median sales price increased 18.6 percent to $153,000. On average, traditional homes sold in 62 days for 97.6 percent of original list price, foreclosures sold in 83 days for 98.3 percent of original list price and short sales lagged at 166 days and 93.8 percent of original list price.
Weekly Market Report
Nationwide, local markets have become stable enough to withstand mortgage rate increases. Improving job and other economic sectors have fortified real, organic housing growth. Bargain-basement deals have given way to multiple offers, stiff bidding wars and lickety-split days on market. Inventory may still be thin, but traditional home sellers are stepping up to the plate with new listings. It won’t be long now until the housing recovery is once again referred to as just housing.
In the Twin Cities region, for the week ending July 20:
- New Listings increased 25.1% to 1,731
- Pending Sales increased 6.2% to 1,171
- Inventory decreased 14.3% to 15,623
For the month of June:
- Median Sales Price increased 17.5% to $210,000
- Days on Market decreased 34.5% to 74
- Percent of Original List Price Received increased 2.5% to 97.5%
- Months Supply of Inventory decreased 25.0% to 3.6
Click here for the full Weekly Market Activity Report.From The Skinny.