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.
Tuesday, January 20th, 2015
Some goodbyes are easier than others. As we bid farewell to the economic uncertainties of 2014, all eyes are fixated on what 2015 might bring. The economy – specifically job growth – picked up steam in the second half of the year, and that should continue. Housing performed reasonably well, but some metrics didn’t improve as much as in 2013. The new year should bring new listings, new inventory and new buyers to the marketplace.
In the Twin Cities region, for the week ending January 10:
- New Listings increased 7.1% to 1,030
- Pending Sales increased 17.8% to 642
- Inventory decreased 6.1% to 11,999
For the month of December:
- Median Sales Price increased 5.2% to $200,000
- Days on Market increased 3.5% to 89
- Percent of Original List Price Received decreased 0.6% to 94.1%
- Months Supply of Inventory remained flat at 2.9
All comparisons are to 2014
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Posted in Weekly Report
Tuesday, January 20th, 2015
Ye olde 2014 data will likely be retrospective analysis for the next few months, but 2015 is already stirring up rumors of potential trends as we charge into the new year. The buzzworthy hot topic, low interest rates, should keep bolstering home sales as it is speculated to become a friendlier market in the coming year for many types of buyers.
In the Twin Cities region, for the week ending January 3:
- New Listings decreased 18.6% to 551
- Pending Sales increased 9.1% to 553
- Inventory decreased 4.0% to 12,821
For the month of December:
- Median Sales Price increased 5.2% to $200,000
- Days on Market increased 3.5% to 89
- Percent of Original List Price Received decreased 0.6% to 94.1%
- Months Supply of Inventory remained flat at 2.9
All comparisons are to 2014
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Posted in Weekly Report
Thursday, January 15th, 2015
By Aubray Erhardt on Wednesday, January 14th, 2015
2014 Annual Wrap-Up: Recovery Continues, Market Normalizing.
Minneapolis, Minnesota (January 14, 2015) – Strong demand and higher prices were some of the positive developments seen in 2014. Market recovery continued to take hold. Sellers were motivated by rising prices and quick market times, and so they listed more properties for sale. Closed sales activity ended the year at the second highest level since 2005. Even though the active supply of homes for sale fell to a 12-year low, home buyers had more choices during the critical spring and summer selling season. Homes sold in less time, which was great news for sellers. Absorption rates were flat and still slightly favored sellers but 2015 should see more balance. Foreclosure activity fell for a third straight year, while new construction and condo activity continued to soar in and around downtown.
2014 by the Numbers
• Sellers listed 73,768 properties on the market, a 2.3 percent increase from 2013 and the highest level since 2010
• Buyers closed on 49,541 homes, down 6.9 percent from 2013 yet the second highest figure since 2005
• Inventory levels for December fell 7.2 percent from 2013 to 11,822 units, the lowest level in 12 years but May 2014 inventory was 13.4 percent higher than May 2013.
• Months Supply of Inventory was flat at 2.9 months, tied for a 12-year low
• The Median Sales Price rose 7.2 percent to $205,739, marking a seven-year high
o This measure of home prices is 11.8 percent below its 2006 peak and 37.2 percent above its 2011 valley
• Cumulative Days on Market was down 6.0 percent to 78 days, on average—an eight-year record pace
• Lender-mediated properties made up a significantly smaller share of overall activity across multiple metrics
o 12.2 percent of all New Listings were lender-mediated (either foreclosures or short sales), down from 21.6 percent in 2013 and 34.7 percent in 2012
o 16.4 percent of all Inventory was lender-mediated, down from 26.1 percent in 2013 and 38.7 percent in 2012
o 16.5 percent of all Closed Sales were lender-mediated, down from 26.3 percent in 2013 and 39.7 percent in 2012
From The Skinny Blog.
Posted in The Skinny
Monday, January 5th, 2015
It is typically during the final weeks of a calendar year when residential real estate activity hits its seasonal lows, even when some year-over-year comparisons show progress. Don’t be fooled by this time of year. Buyers and sellers are preparing for promising spring and summer markets. Of late, the spring market tends to get hopping before the -ary months are even complete.
In the Twin Cities region, for the week ending December 27:
- New Listings decreased 13.5% to 268
- Pending Sales decreased 9.8% to 359
- Inventory decreased 4.4% to 13,152
For the month of November:
- Median Sales Price increased 5.1% to $205,000
- Days on Market increased 5.3% to 79
- Percent of Original List Price Received decreased 0.7% to 94.7%
- Months Supply of Inventory increased 8.8% to 3.7
All comparisons are to 2014
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Posted in Weekly Report