The New Year has begun and with it, many buyers and sellers have a change of housing in their new year resolutions. While ongoing unemployment claims are still elevated, it is less than one quarter of what it was at its high during the early days of the pandemic. With interest rates remaining near record lows, the stock market near record highs, and inventory of homes available still constrained in most segments of the market, the year is setting up to be another filled with strong demand and limited supply.

In the Twin Cities region, for the week ending January 2:

• New Listings decreased 25.8% to 519
• Pending Sales increased 17.0% to 653
• Inventory decreased 38.1% to 5,511

For the month of November:

• Median Sales Price increased 10.7% to $310,000
• Days on Market decreased 33.3% to 34
• Percent of Original List Price Received increased 2.8% to 100.2%
• Months Supply of Homes For Sale decreased 40.9% to 1.3

All comparisons are to 2020

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

As we near the end of the year, overall real estate activity slows as many buyers and sellers briefly turn their focus from real estate to the holidays, family, and friends. With mortgage rates closing the year at near record lows, and almost one percent lower than a year ago, home purchase mortgage loan application volume remains high and continues to signal strong buyer demand going into the new year.

In the Twin Cities region, for the week ending December 26:

• New Listings increased 22.0% to 338
• Pending Sales increased 17.0% to 593
• Inventory decreased 37.9% to 5,777

For the month of November:

• Median Sales Price increased 10.7% to $310,000
• Days on Market decreased 33.3% to 34
• Percent of Original List Price Received increased 2.8% to 100.2%
• Months Supply of Homes For Sale decreased 40.9% to 1.3

All comparisons are to 2019

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

According to research by realtor.com®, all-cash home purchases make up about 36% of the market, which is up only slightly from last year. While the middle-price tiers saw about the same percentage of all-cash sales as last year, the low end of the market (under $200,000) and the very top of the market (over $1 million) saw higher shares of cash sales this year than last.

In the Twin Cities region, for the week ending December 19:

• New Listings increased 28.1% to 693
• Pending Sales increased 24.4% to 923
• Inventory decreased 37.0% to 6,137

For the month of November:

• Median Sales Price increased 10.7% to $310,000
• Days on Market decreased 33.3% to 34
• Percent of Original List Price Received increased 2.8% to 100.2%
• Months Supply of Homes For Sale decreased 38.1% to 1.3

All comparisons are to 2019

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

The National Association of Home Builders reports that lumber prices are rising again. After hitting an all-time high of near $950 per thousand board feet in September, prices slid to near $550 per thousand board feet in October but are now above $650 per thousand board feet in December. High lumber prices have contributed to significant price increases in most new construction homes this year and increases the costs of remodeling as well. A tariff reduction expected this month may help soften lumber costs in the coming weeks.

In the Twin Cities region, for the week ending December 12:

• New Listings increased 23.6% to 870
• Pending Sales increased 10.0% to 838
• Inventory decreased 36.5% to 6,421

For the month of November:

• Median Sales Price increased 10.7% to $310,000
• Days on Market decreased 33.3% to 34
• Percent of Original List Price Received increased 2.8% to 100.2%
• Months Supply of Homes For Sale decreased 38.1% to 1.3

All comparisons are to 2019

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.