Monday, April 8th, 2013

The housing market continues to assert itself, often changing the hearts and minds of housing bears, skeptical politicians, curmudgeonly economists and buyers and sellers alike. Over the past six to eighteen months, we’ve seen real estate stabilize, turn around and even start to recover. But it can sometimes feel like a moving target. With diminished inventory levels, cheap finance options, strong sales and rising prices, the prudent market participant will remain vigilant in monitoring his or her local real estate activity. That should be an easy task; start by simply turning the page!

In the Twin Cities region, for the week ending March 30:

  • New Listings decreased 12.1% to 1,349
  • Pending Sales increased 12.0% to 1,210
  • Inventory decreased 29.6% to 12,909

For the month of March:

  • Median Sales Price increased 17.4% to $176,000
  • Days on Market decreased 24.3% to 109
  • Percent of Original List Price Received increased 3.1% to 95.0%
  • Months Supply of Inventory decreased 40.0% to 3.0

Click here for the full Weekly Market Activity Report.From The Skinny.

Posted in Weekly Report |
Monday, April 1st, 2013

No one knows how accurate that February groundhog is, but by this time of year everyone is screaming of cabin fever. The spring market is in full swing, so keep your eyes on the prize and your mobile device in hand. Prepare yourself for seeing even more buyers buying, more sellers selling and lots of attention being given to the need for new inventory. Will you like what you see? Well, let’s take a look. Here’s the lowdown on your local market.

In the Twin Cities region, for the week ending March 23:

  • New Listings increased 2.8% to 1,453
  • Pending Sales increased 11.9% to 1,116
  • Inventory decreased 29.8% to 12,779

For the month of February:

  • Median Sales Price increased 15.5% to $160,000
  • Days on Market decreased 22.2% to 112
  • Percent of Original List Price Received increased 3.4% to 93.7%
  • Months Supply of Inventory decreased 38.8% to 3.0

Click here for the full Weekly Market Activity Report.From The Skinny.

Posted in Weekly Report |
Monday, March 25th, 2013

Most housing markets across the country are continuing to chug along toward recovery as the local market begins its first buds into spring mode. New listings and overall inventory have become the prominent indicators to watch, as demand for quality homes to buy is up. Agents in some areas are seeing the highest prices and fastest selling times in years. Where it used to take months, it can now take mere days to sell an appealing home. Here’s a quick recap of the week that was.

In the Twin Cities region, for the week ending March 16:

  • New Listings increased 4.9% to 1,475
  • Pending Sales increased 11.9% to 1,094
  • Inventory decreased 30.1% to 12,661

For the month of February:

  • Median Sales Price increased 15.5% to $160,000
  • Days on Market decreased 22.2% to 112
  • Percent of Original List Price Received increased 3.4% to 93.7%
  • Months Supply of Inventory decreased 38.8% to 3.0

Click here for the full Weekly Market Activity Report.From The Skinny.

Posted in Weekly Report |
Monday, March 18th, 2013

With February’s jobs data looking better than expected and inflation running well within the Fed’s target range, mortgage rates ticked higher. It s not much, and this affordability environment is still hugely attractive, but it’s just enough to notice. Combined with low inventory, low rates have been a prominent motivation for buyers. But sellers need the real encouragement these days. Consistent year-over-year price gains have proven insufficient thus far, but that’s subject to change come spring.

In the Twin Cities region, for the week ending March 9:

  • New Listings decreased 6.1% to 1,361
  • Pending Sales increased 10.9% to 1,019
  • Inventory decreased 30.7% to 12,476

For the month of February:

  • Median Sales Price increased 15.5% to $160,000
  • Days on Market decreased 22.2% to 112
  • Percent of Original List Price Received increased 3.4% to 93.7%
  • Months Supply of Inventory decreased 38.8% to 3.0

Click here for the full Weekly Market Activity Report.From The Skinny.

Posted in Weekly Report |
Monday, March 18th, 2013

Twin Cities homes sold for a higher median price than during the year prior for the 12th consecutive month. This is a significant milestone demonstrating a real and sustainable recovery. Several patterns continued from 2012: pending purchase activity was up, new and existing supply levels were down, prices were higher and distressed market activity eased.

There were 2,736 closed home sales during February 2013, 4.7 percent fewer than February 2012. There were 3,689 pending sales, a 2.0 percent increase over last year. The median sales price rose 15.5 percent to $160,000. Inventory levels declined 31.6 percent to 12,202 active listings, the lowest number for any month going back to January 2003. The number of homes for sale is at a 10-year low.

“We’re watching seller activity almost more than buyer activity,” said Andy Fazendin, President of the Minneapolis Area Association of REALTORS®. “Bank listing activity is down while traditional seller activity is up. That’s an encouraging shift.”

Looking at activity by sale type, traditional closed sales were up 21.5 percent; foreclosure sales were down 23.5 percent; short sales were down 28.5 percent. Since traditional homes sell for about 75.0 percent more than foreclosures, the median sales price rose, as it has for 12 straight months compared to year-ago levels. The 10K Housing Value Index – which controls for data variability – showed a tamer 10.2 percent increase to $179,010. Stronger confidence and less economic uncertainty will encourage more seller activity, thereby increasing the supply of homes for sale. There is evidence this is improving, as traditional seller activity has been on the rise lately.

A healing distressed segment has also facilitated recovery. At 72.3 percent, traditional homes represented more than 70.0 percent of all new listings for the first time since June 2008. Traditional homes also made up 55.4 percent of all closed sales. The traditional median sales price was up 14.2 percent to $205,500; the foreclosure median sales price was up 12.3 percent to $116,522; the short sale median sales price was up 10.1 percent to $127,750.

Months’ supply of inventory fell 40.8 percent to 2.9 months. Figures below 4.0 months suggest we’re in a fledgling seller’s market. Homes sold in 113 days, on average, or 21.5 percent quicker than February 2012. Sellers received 93.7 percent of their list price, on average, up from 90.6 percent last year. Conventional financing comprised 46.7 percent of all closed sales; FHA financing was used on 20.9 percent of sales; cash buyers made up 25.1 percent of sales.

“Judging by the number of inquiries agents are receiving, buyers seem prepared and motivated this spring,” said Emily Green, MAAR President-Elect. “We anticipate an uptick in new listings and we hope it is enough to meet the strength of buyer demand.”

Posted in The Skinny |

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