For the past six months, nearly every housing market measure has indicated improvement. The Twin Cities housing recovery is gaining momentum. What’s more, the recovery has shown signs of both depth (consistency and continuity) and breadth (improvement across numerous indicators). Below are a few statistics organized by topic that equate to market recovery. Numbers given are for August 2012 and percentage increases and decreases are compared to August 2011 unless otherwise noted.

SALES


• There were 4,877 pending sales, up 19.5 percent and marking the 16th consecutive month of increase.
• There were 4,883 closed sales, up 12.3 percent, marking the 14th consecutive month of increase.
• In June 2012, closed sales fell just 6 units short of a nearly 6-year high (70 months).

LISTINGS


• There were 5,972 new listings, down 1.8 percent but a slight gain from last month.
• There were 16,348 homes for sale, down 30.5 percent and marking the 19th consecutive month of decreases.
• Inventory levels are at their lowest since December 2003, which is nearly a 9-year low (104 months).
• Inventory levels have come down a total of 54.5 percent from their July 2007 peak.

PRICES


• The median sales price was $179,000, up 15.5 percent and marking the 6th consecutive month of increase.
• The average sales price was $222,922, up 10.4 percent and marking the 7th consecutive month of increase.
• Categorical median sales prices shook out like this: traditional sales were $220,000, up 8.4 percent; foreclosures were $122,750, up 16.9 percent; short sales were $125,100, down 6.6 percent.
• Price per square foot was $104, up 9.3 percent and marking the 6th consecutive month of increase.
• The 10K Housing Value Index, which adjusts for both seasonality and housing segment bias, was up 8.1 percent to $170,656, marking the 5th consecutive month of gains.

FORECLOSURES


• Foreclosures and short sales (“distressed properties”) comprised 32.4 percent of all new listings.
• Distressed properties comprised 35.1 percent of all active listings.
• Distressed properties comprised 36.0 percent of all closed sales.

“With inventory levels nearing 10-year lows, buyers are scrambling to find the perfect house,” said Cari Linn, President of the Minneapolis Area Association of REALTORS®. “The next step of recovery will be getting hesitant and distressed sellers back into the market.”

From The Skinny.

Signals. They’re everywhere. From the flow of traffic on Main Street to the movement of electrons inside a microchip, we take our cues from trusted indicators. Recently, housing data has been signaling increased momentum toward recovery. It doesn’t really matter what signals you’re watching either. From new starts, existing sales and prices to market times, seller concessions and the supply-demand balance, all signals point to healing. It won’t necessarily be quick nor felt evenly across all cities or states. But the trend is your friend. And our friend is signaling a thumb’s up.

In the Twin Cities region, for the week ending September 1:

• New Listings decreased 10.1% to 1,171
• Pending Sales increased 13.3% to 1,025
• Inventory decreased 30.0% to 16,676

For the month of August:

• Median Sales Price increased 15.5% to $179,000
• Days on Market decreased 24.1% to 107
• Percent of Original List Price Received increased 4.2% to 95.1%
• Months Supply of Inventory decreased 42.7% to 4.1

Click here for the full Weekly Market Activity Report.

From The Skinny.

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

Click here for the full Weekly Market Activity Report.

From The Skinny.

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

Click here for the full Weekly Market Activity Report.

From The Skinny.

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

Click here for the full Weekly Market Activity Report.

From The Skinny.