For Week Ending January 6, 2018

As we embark upon the 2018 campaign, watch for upward movement in some of the same areas for wanted improvements in 2017. The number of homes available for sale continues to be a key factor in the dynamics of residential real estate. Simply put, it would be good to have more inventory available for purchase. Buying a home is a viable and exciting option for many consumers, and having more homes to choose from is one way to assure that the dream of homeownership is an affordable achievement.

In the Twin Cities region, for the week ending January 6:

• New Listings decreased 13.4% to 850
• Pending Sales decreased 10.7% to 534
• Inventory decreased 26.7% to 6,904

For the month of December:

• Median Sales Price increased 9.8% to $248,200
• 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.

For Week Ending December 30, 2017

As we close the books on 2017, it is clear that there is an ongoing national housing shortage. Year-over-year inventory levels have been down in most markets for several years now, and that trend is expected to persist in 2018. Even if there are occasional increases in the number of homes for sale from week to week, home supply is too low to achieve a balanced market. That said, consumers are most definitely purchasing homes quickly and often above asking price. Demand is strong, and there is plenty to feel optimistic about in 2018.

In the Twin Cities region, for the week ending December 30:

• New Listings decreased 37.7% to 243
• Pending Sales decreased 8.7% to 451
• Inventory decreased 24.6% to 7,712

For the month of November:

• Median Sales Price increased 6.5% to $245,000
• Days on Market decreased 11.1% to 56
• Percent of Original List Price Received increased 0.8% to 97.4%
• Months Supply of Inventory decreased 21.7% to 1.8

All comparisons are to 2016

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

For Week Ending December 23, 2017

As is usually the case this time of year, housing activity will slow down for a few weeks during the last of the 2017 holidays. Shrewd buyers and sellers will take advantage of this slower time of year to make meaningful deals, especially ahead of perceived or real changes that are due to take place in 2018 as regards taxes, mortgage rates, housing affordability and other factors.

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

• New Listings increased 14.4% to 422
• Pending Sales increased 8.0% to 702
• Inventory decreased 23.8% to 8,120

For the month of November:

• Median Sales Price increased 6.5% to $245,000
• Days on Market decreased 11.1% to 56
• Percent of Original List Price Received increased 0.8% to 97.4%
• Months Supply of Inventory decreased 21.7% to 1.8

All comparisons are to 2016

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

For Week Ending December 16, 2017

It has been another steady year for buying and selling residential real estate. The primary trends of inventory decline and price increase continued, and more of the same is anticipated in 2018 if consumer, employer and builder confidence remain high. Tweaks in tax law and mortgage rates could create either unwanted or desirable effects, depending on the market. Trend lines may flatten or turn, but it’s too soon to say exactly what will happen.

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

• New Listings increased 9.0% to 641
• Pending Sales decreased 1.3% to 752
• Inventory decreased 23.9% to 8,499

For the month of November:

• Median Sales Price increased 6.5% to $245,000
• Days on Market decreased 11.1% to 56
• Percent of Original List Price Received increased 0.8% to 97.4%
• Months Supply of Inventory decreased 21.7% to 1.8

All comparisons are to 2016

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

For Week Ending December 9, 2017

National economic trends can help inform what the housing market will do over the next year. Residential real estate should remain active if joblessness continues to decline and wage growth picks up. However, those increased wages must be in line with median sales price increases. Unfortunately, that has not always been the case. Add in factors such as increasing mortgage rates, student loan debt and lower affordability, and the balance becomes more interesting but not insurmountable for home purchasers.

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

• New Listings increased 3.0% to 762
• Pending Sales decreased 7.5% to 747
• Inventory decreased 23.5% to 8,837

For the month of November:

• Median Sales Price increased 6.5% to $245,000
• Days on Market decreased 11.1% to 56
• Percent of Original List Price Received increased 0.8% to 97.4%
• Months Supply of Inventory decreased 21.7% to 1.8

All comparisons are to 2016

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

For Week Ending December 2, 2017

As the year works its way to a closing crescendo, it is evident that the year’s predominant storyline is beyond a clever weekly jab. It has been an interesting and remarkably positive year for residential real estate. Even as some desirable housing tax breaks are on the verge of sunsetting, real estate, as a whole, remains in great shape.

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

• New Listings increased 6.7% to 817
• Pending Sales decreased 1.3% to 947
• Inventory decreased 22.7% to 9,429

For the month of October:

• Median Sales Price increased 6.1% to $244,000
• Days on Market decreased 14.8% to 52
• Percent of Original List Price Received increased 0.8% to 97.7%
• Months Supply of Inventory decreased 14.8% to 2.3

All comparisons are to 2016

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

For Week Ending November 25, 2017

From week to week, the tallies may vary slightly from the week prior in year-over-year comparisons, whether with a strong positive surge or a lingering negative streak. Tracking weekly figures is important for active real estate professionals, but the cooldown period of a meaningful real estate trend often takes weeks, if not months, to draw determined conclusions.

In the Twin Cities region, for the week ending November 25:

• New Listings decreased 11.9% to 450
• Pending Sales increased 12.7% to 702
• Inventory decreased 21.7% to 9,878

For the month of October:

• Median Sales Price increased 6.1% to $244,000
• Days on Market decreased 14.8% to 52
• Percent of Original List Price Received increased 0.8% to 97.7%
• Months Supply of Inventory decreased 14.8% to 2.3

All comparisons are to 2016

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

For Week Ending November 18, 2017

Home price appreciation is on the rise in most of the country, which is welcome news for any homeowner that experienced a time when it was not. Although trends vary by region and state, the overarching trend is increased prices, according to research performed by the National Association of REALTORS® on American Community Survey data from 2005 through 2016. Price growth is strongest in the South and less so in the Northeast, and only a few states show no growth or losses. Affordability is most favorable in the Midwest, and the West is least affordable, on average.

In the Twin Cities region, for the week ending November 18:

• New Listings decreased 6.6% to 896
• Pending Sales decreased 5.1% to 912
• Inventory decreased 20.1% to 10,407

For the month of October:

• Median Sales Price increased 6.1% to $244,000
• Days on Market decreased 14.8% to 52
• Percent of Original List Price Received increased 0.8% to 97.7%
• Months Supply of Inventory decreased 18.5% to 2.2

All comparisons are to 2016

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