For Week Ending December 8, 2018

The month of December often equates to a full-scale slowdown in residential real estate, as thoughts shift from buying homes to buying gifts and plane tickets to visit family and friends. This year could be different. The Federal Reserve is set to raise interest rates one more time in 2018. Interest rate hikes don’t necessarily create mortgage rate hikes, but they can. This may cause more purchase offers ahead of deeper affordability concerns in 2019.

In the Twin Cities region, for the week ending December 8:

• New Listings increased 1.4% to 773
• Pending Sales decreased 8.3% to 716
• Inventory increased 2.1% to 9,994

For the month of November:

• Median Sales Price increased 8.2% to $265,000
• Days on Market decreased 7.1% to 52
• Percent of Original List Price Received decreased 0.1% to 97.3%
• Months Supply of Inventory increased 5.0% to 2.1

All comparisons are to 2017

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

For Week Ending December 1, 2018

While recent stock market activity has displayed some heart-pounding drops and rallying rises, that volatility has not created the same tidal waves within residential real estate. Increasing home prices and mortgage rates have indeed created a sense of immediacy for some buyers and turned others away due to affordability concerns, but these decisions appear to be rooted in longer-term trends rather than the effects of a media headline or presidential tweet.

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

• New Listings increased 7.0% to 877
• Pending Sales decreased 9.0% to 904
• Inventory increased 1.5% to 10,437

For the month of October:

• Median Sales Price increased 8.6% to $265,000
• Days on Market decreased 7.7% to 48
• Percent of Original List Price Received increased 0.2% to 97.9%
• Months Supply of Inventory remained flat at 2.4

All comparisons are to 2017

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

For Week Ending November 24, 2018

With each passing week, it is evident that residential real estate markets across the nation are poised to finish 2018 with positive energy and room for optimism. Even in an environment of rising home prices and mortgage rates, we are finding relative balance in city after city when looking specifically at year-over-year trends. While it’s true that sales and new listings are down compared to last year at this time for some price ranges and home types, it is not often by much.

In the Twin Cities region, for the week ending November 24:

• New Listings increased 16.7% to 525
• Pending Sales decreased 7.2% to 670
• Inventory increased 2.0% to 10,852

For the month of October:

• Median Sales Price increased 8.6% to $265,000
• Days on Market decreased 7.7% to 48
• Percent of Original List Price Received increased 0.2% to 97.9%
• Months Supply of Inventory remained flat at 2.4

All comparisons are to 2017

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

For Week Ending November 24, 2018

With each passing week, it is evident that residential real estate markets across the nation are poised to finish 2018 with positive energy and room for optimism. Even in an environment of rising home prices and mortgage rates, we are finding relative balance in city after city when looking specifically at year-over-year trends. While it’s true that sales and new listings are down compared to last year at this time for some price ranges and home types, it is not often by much.

In the Twin Cities region, for the week ending November 24:

• New Listings increased 16.7% to 525
• Pending Sales decreased 7.2% to 670
• Inventory increased 2.0% to 10,852

For the month of October:

• Median Sales Price increased 8.6% to $265,000
• Days on Market decreased 7.7% to 48
• Percent of Original List Price Received increased 0.2% to 97.9%
• Months Supply of Inventory remained flat at 2.4

All comparisons are to 2017

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