In another sign that the six-year long housing slump could be coming to an end, the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) reached 28. To put that in perspective, it went from above 70 in 2005 to below 10 in 2009. The HMI has not seen 28 since June 2007. This and other landmark data points are coalescing to signal calmer waters ahead. That’s not to say you should expect double-digit annualized appreciation, but both buyers and sellers are displaying the sort of confidence that is fluttering through the rest of the economy.
In the Twin Cities region, for the week ending March 17:
- New Listings decreased 1.3% to 1,406
- Pending Sales increased 23.1% to 1,029
- Inventory decreased 27.5% to 17,088
For the month of February:
- Median Sales Price decreased 1.4% to $138,000
- Days on Market decreased 9.0% to 145
- Percent of Original List Price Received increased 2.5% to 90.6%
- Months Supply of Inventory decreased 35.2% to 4.
Monday, March 26th, 2012
Posted in Weekly Report
Wednesday, March 21st, 2012
Buyer activity: up. Seller activity: down. That could soon change if sellers begin to increase their activity levels entering the spring market. They’ve understandably been a tad shy lately, but the changing landscape is starting to register with well-informed homeowners looking to move. Buyers have shown that they refuse to let one of the most attractive purchase environments pass them by. As activity revs up this spring, not all segments will benefit equally. Which is exactly why the numbers are so central to assessing both the breadth and depth of market recovery.
In the Twin Cities region, for the week ending March 10:
- New Listings decreased 0.3% to 1,450
- Pending Sales increased 20.9% to 995
- Inventory decreased 24.3% to 17,899
For the month of February:
- Median Sales Price decreased 1.4% to $138,500
- Days on Market decreased 9.1% to 145
- Percent of Original List Price Received increased 2.6% to 90.6%
- Months Supply of Inventory decreased 35.8% to 4.7
Posted in The Skinny
Monday, March 12th, 2012
The last six years or so have been tough on home prices, and even the most optimistic prognosticators say it will take another six years for median sales prices to approach the halcyon days of assured annual value increases for home sellers. Generations of stable home price increases gave way to a boom-and-bust cycle that would have made the Pets.com sock puppet blush. As we enter what should be an active spring market, our communities would do well to focus effort toward creating healthy, happy homes. With those in place, prices will rise again.
In the Twin Cities region, for the week ending March 3:
- New Listings decreased 23.2% to 1,402
- Pending Sales increased 29.7% to 940
- Inventory decreased 22.9% to 17,818
For the month of February:
- Median Sales Price decreased 1.1% to $138,500
- Days on Market decreased 9.0% to 145
- Percent of Original List Price Received increased 2.6% to 90.6%
- Months Supply of Inventory decreased 36.5% to 4.6
Posted in The Skinny
Monday, February 27th, 2012
The week left yet another trail of evidence leading back to a housing market on the mend. This time, the encouraging signs were even less clandestine. Nationally, both new and existing home sales enjoyed improvements. Even some December numbers were upwardly revised. New home sales have real and noticeable impacts on GDP, thus generating jobs and driving down unemployment. The overall bias for the entire U.S. is firmly toward balance. Locally, market activity was mostly positive. Spring will still be the major tell.
In the Twin Cities region, for the week ending February 18:
- New Listings decreased 7.1% to 1,256
- Pending Sales increased 28.6% to 899
- Inventory decreased 23.2% to 17,756
For the month of January:
- Median Sales Price decreased 3.4% to $140,000
- Days on Market decreased 8.5% to 142
- Percent of Original List Price Received increased 3.4% to 91.2%
- Months Supply of Inventory decreased 34.6% to 4.7
Posted in The Skinny, Uncategorized