We are converging upon an interesting wait-and-see season in residential real estate. All year long, we have witnessed some rather positive year-over-year decreases in inventory numbers and increases in sales, percent of original list price received at sale and median sales price. After many years of struggling to tread water – and, indeed, often failing to do so – there is hope. With quieter autumnal and winter months looming, we will be giving extra scrutiny to the trend lines in the weeks to come.
In the Twin Cities region, for the week ending August 25:
- New Listings increased 1.3% to 1,282
- Pending Sales increased 19.4% to 1,027
- Inventory decreased 29.9% to 16,785
For the month of July:
- Median Sales Price increased 13.3% to $178,500
- Days on Market decreased 27.8% to 105
- Percent of Original List Price Received increased 3.6% to 95.0%
- Months Supply of Inventory decreased 42.1% to 4.4
Tuesday, September 4th, 2012
Monday, August 27th, 2012
Where residential real estate statistics are concerned, observers should be watching for overarching, macro-level trends rather than any one volatile, outlying week or month’s worth of data. Thinking in a big-picture manner is beneficial in numerous ways. Consider this: Despite media coverage of dreaded shadow foreclosure inventory or a new rush to rent by former owners, our nation’s homeownership rate has fallen no more than 3.0 percent from its peak in 2004. The figure crested around 69.0 percent and now lies just above 66.0 percent. Here are some local numbers to learn and share.
In the Twin Cities region, for the week ending August 18:
- New Listings decreased 3.5% to 1,286
- Pending Sales increased 25.2% to 1,118
- Inventory decreased 29.8% to 16,878
For the month of July:
- Median Sales Price increased 13.6% to $178,900
- Days on Market decreased 27.8% to 105
- Percent of Original List Price Received increased 3.6% to 95.0%
- Months Supply of Inventory decreased 42.5% to 4.4
Monday, August 20th, 2012
Do you hear that? It’s the sound of carts shifting through the back-to-school aisles, filling quickly with notebooks and pencils and glue. It’s the sound of teenagers shuffling through dorms and down storied lanes on their first college orientation. It’s the sound of young professionals readying themselves for their first big job, freshly shorn and tailored. It’s the sound of a family preparing for the leap from the overcrowded apartment to the “starter” home that will see their first into high school. The end of summer sure can seem an awful lot like spring. Let’s see if the housing market says the same.
In the Twin Cities region, for the week ending August 11:
- New Listings increased 2.0% to 1,387
- Pending Sales increased 31.2% to 1,149
- Inventory decreased 29.6% to 16,982
For the month of July:
- Median Sales Price increased 13.7% to $179,000
- Days on Market decreased 27.8% to 106
- Percent of Original List Price Received increased 3.6% to 95.0%
- Months Supply of Inventory decreased 42.8% to 4.3
Posted in The Skinny
Monday, August 13th, 2012
Let’s admit it: It’s been nice to have a year of positive headlines in the residential real estate industry. There have been more sales for more money in most markets across the country, and the foreclosure situation, although not entirely in the rearview mirror, has abated. We’re now entering the months of 2012 that should offer a true test of the lasting power of this buyer-seller tryst. A dropoff in buyer and seller activity might be expected after so many months of bliss, but the feeling remains that the market will survive beyond the honeymoon phase.
In the Twin Cities region, for the week ending August 4:
- New Listings decreased 0.1% to 1,433
- Pending Sales increased 20.4% to 1,129
- Inventory decreased 29.6% to 17,085
For the month of July:
- Median Sales Price increased 14.2% to $179,900
- Days on Market decreased 27.8% to 105
- Percent of Original List Price Received increased 3.6% to 95.0%
- Months Supply of Inventory decreased 43.4% to 4.3