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 Jennifer Cutter (2012 Treasurer, Minneapolis Area Association of REALTORS®), video produced by Chelsie Lopez.
Monday, November 19th, 2012
Housing continues to be a bright spot in the national economy. Locally, we enjoyed more sales and additional seller activity. As prices firm up, some sellers will be lifted out of unenviable positions while others will receive a confidence booster. That’s a good thing, since buyers at some price points are struggling to find inventory. Additional evidence of turnaround will come by way of days on market, the average ratio of sold to list price and absorption rates generally under five months. In the Twin Cities region, for the week ending November 10: For the month of October:
Posted in Weekly Report
Monday, November 12th, 2012
1.3 million. That’s how many Americans were reportedly lifted out of underwater mortgage situations this year from rising home prices, according to the Obama administration’s October Housing Scorecard. There’s more going on than meets the eye here. Rising prices also help restore tax base, decreasing the likelihood of tax increases later. National GDP even benefits. When real estate is chugging along, things are good. And now, arguably more so than ever in the past four or In the Twin Cities region, for the week ending November 3: For the month of October:
five years, real estate is starting to chug again. It’s not at full speed yet, but the open track ahead beckons.
Posted in Weekly Report
Monday, November 5th, 2012
Over the course of the year, we’ve cleverly devised new tactics each week to communicate just how far the market has come. This week is no exception. Most level-headed housing advocates agree that lower residential vacancy rates are a good thing. Well, chalk one up for level-headed housing advocates, because Reuters just reported that the U.S. residential vacancy rate fell to 1.9 percent in the third quarter. That’s the lowest level in seven years. It’s just the latest installment of overwhelming bullish housing news.
In the Twin Cities region, for the week ending October 27:
- New Listings decreased 3.0% to 1,037
- Pending Sales increased 11.1% to 914
- Inventory decreased 28.8% to 15,700
For the month of September:
- Median Sales Price increased 12.7% to $174,625
- Days on Market decreased 28.5% to 101
- Percent of Original List Price Received increased 4.1% to 94.8%
- Months Supply of Inventory decreased 38.8% to 4.1
Posted in Weekly Report
Monday, October 29th, 2012
The housing market is improving. But don’t take our word for it. CoreLogic, Standard & Poor’s, FHFA and the NAHB all closely monitor a diverse array of housing data and indicators. At some point over the past six months, every single one of these indices has either reached a multi-year high or has shown several consecutive months of improvements. Does that mean every home in every neighborhood in every city across America is worth more today than it was a year ago? Of course not. But you’d be surprised just how robust this recovery is. Go ahead, dig into the numbers and see for yourself.
In the Twin Cities region, for the week ending October 20:
- New Listings increased 0.6% to 1,110
- Pending Sales increased 33.3% to 1,012
- Inventory decreased 28.5% to 15,903
For the month of September:
- Median Sales Price increased 12.8% to $174,813
- Days on Market decreased 28.5% to 101
- Percent of Original List Price Received increased 4.0% to 94.8%
- Months Supply of Inventory decreased 39.2% to 4.1