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
Monday, November 5th, 2012
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
Monday, October 22nd, 2012
Housing pessimism is as out of fashion nowadays as bell bottoms and shoulder pads. Those who are still fishing for that elusive “market bottom” have likely missed it in most areas. The major story continues to be tightened inventory and high buyer turnout. Homes should be selling faster and for closer to list price – or even above in the hottest neighborhoods. Continue to monitor key differences between the foreclosure and traditional segments as well as variability between the single-family and condo markets.
In the Twin Cities region, for the week ending October 13:
- New Listings increased 7.3% to 1,252
- Pending Sales increased 26.7% to 954
- Inventory decreased 28.8% to 16,017
For the month of September:
- Median Sales Price increased 12.6% to $174,500
- Days on Market decreased 28.4% to 101
- Percent of Original List Price Received increased 4.0% to 94.8%
- Months Supply of Inventory decreased 39.6% to 4.1
Monday, October 22nd, 2012
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 Cari Linn (2012 President, Minneapolis Area Association of REALTORS®), video produced by Chelsie Lopez.
Posted in Monthly Skinny Video
Monday, October 15th, 2012
In between days. The spring and summer selling seasons are well behind us, and the holiday slowdown is well ahead of us (except in some department stores). As the days grow shorter, housing numbers may not be as thrilling as they were in recent months, but the trends remain the same. Compared to last year, sales are regularly up and inventory figures are down, including months of supply. Sales and prices will surely drop, but there is reason for optimism through the end of the year, providing a cure to several years of little to hold on to.
In the Twin Cities region, for the week ending October 6:
- New Listings increased 2.8% to 1,301
- Pending Sales increased 33.5% to 1,049
- Inventory decreased 28.6% to 16,113
For the month of September:
- Median Sales Price increased 12.6% to $174,500
- 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 40.1% to 4.0