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.

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.

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.

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.

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.

For Week Ending January 27, 2018

It is common for there to be a lift in residential real estate activity at the beginning of each calendar year, as consumers steel their collective resolve to do what they deem is next toward achieving their goals. It is the housing industry’s equivalent to resolving to eat better, go to the gym more, quit smoking, etc. Except in 2018 so far, we are not yet seeing that extra bump in activity. For the most part, the trends have been blind to calendar dynamics.

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

• New Listings decreased 13.2% to 881
• Pending Sales decreased 11.1% to 722
• Inventory decreased 25.3% to 7,080

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.

For Week Ending January 20, 2018

Existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, were up 1.1 percent in 2017 compared to 2016 to 5.5 million sales, becoming the best year for sales in 11 years. Overall, the housing market performed well in 2017 within a strong economy. Homeowners made healthy price gains at sale, and distressed property sales have returned to historically low marks.

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

• New Listings decreased 9.8% to 943
• Pending Sales decreased 5.7% to 726
• Inventory decreased 25.4% 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.

For Week Ending January 13, 2018

At the beginning of a calendar year, it is often common for home buyers and sellers to become immediately more active. Call it the result of a resolution or the promise of something new, but it is a noted phenomenon across the country. It’s really too early to say if the trend will continue in 2018, but the first weeks of the year have not necessarily shown a huge jolt in activity so much as the last weeks of 2017 were quieter than usual.

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

• New Listings decreased 5.4% to 892
• Pending Sales decreased 13.0% to 577
• Inventory decreased 26.9% to 6,918

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.

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.