For Week Ending January 7, 2017

If predictions hold true – a continuing inventory crunch, moderate price gains, higher mortgage rates – 2017 will likely be in favor of the seller. On the other end of the spectrum, deals may be harder to come by if the largest potential group of buyers, the millennials, do not start wading into the buying pool with more fervor.

In the Twin Cities region, for the week ending January 7:

• New Listings decreased 15.1% to 969
• Pending Sales decreased 21.1% to 555
• Inventory decreased 25.5% to 8,298

For the month of December:

• Median Sales Price increased 4.1% to $228,500
• Days on Market decreased 10.1% to 71
• Percent of Original List Price Received increased 0.6% to 96.0%
• Months Supply of Inventory decreased 26.1% to 1.7

All comparisons are to 2016

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

For Week Ending December 31, 2016

At the outset of 2017, we are watching for upward movement in some of the same areas that we were watching in 2016. Inventory remains a key metric, as continued decreases may push out potential buyers, especially if mortgage rates continue to increase. However, buying a home is still considered more affordable than renting in two-thirds of the country according to the 2017 Rental Affordability Report by ATTOM Data Solutions.

In the Twin Cities region, for the week ending December 31:

• New Listings decreased 7.5% to 384
• Pending Sales decreased 14.9% to 474
• Inventory decreased 24.9% to 9,049

For the month of December:

• Median Sales Price increased 4.1% to $228,500
• Days on Market decreased 10.1% to 71
• Percent of Original List Price Received increased 0.6% to 96.0%
• Months Supply of Inventory decreased 30.4% to 1.6

All comparisons are to 2015

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

For Week Ending December 24, 2016

As we look toward 2017, the entirety of the U.S. housing market has never been worth as much as it is right now. Housing stock value grew to $29.6 trillion in 2016, regaining all of the value that was lost during the last recession. An upward trend in mortgage rates, mortgage credit and new construction are all common predictions for 2017.

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

• New Listings increased 32.5% to 359
• Pending Sales increased 28.1% to 606
• Inventory decreased 23.9% to 9,469

For the month of November:

• Median Sales Price increased 5.5% to $231,400
• Days on Market decreased 15.1% to 62
• Percent of Original List Price Received increased 0.8% to 96.7%
• Months Supply of Inventory decreased 24.1% to 2.2

All comparisons are to 2015

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

For Week Ending December 17, 2016

As we begin our final descent into 2017, the total value of the housing market has hit its highest point since the early 2000s. With mortgage rates on the rise and prices still increasing in most categories and locations, lower affordability could lead to less demand. However, most real estate professionals remain optimistic about the market and excited for the year ahead.

In the Twin Cities region, for the week ending December 17:

• New Listings decreased 4.1% to 578
• Pending Sales decreased 11.3% to 706
• Inventory decreased 23.5% to 9,978

For the month of November:

• Median Sales Price increased 5.5% to $231,325
• Days on Market decreased 15.1% to 62
• Percent of Original List Price Received increased 0.7% to 96.6%
• Months Supply of Inventory decreased 24.1% to 2.2

All comparisons are to 2015

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