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
Monday, August 27th, 2012
Monday, August 20th, 2012
Do you hear that? It’s the sound of carts shifting through the back-to-school aisles, filling quickly with notebooks and pencils and glue. It’s the sound of teenagers shuffling through dorms and down storied lanes on their first college orientation. It’s the sound of young professionals readying themselves for their first big job, freshly shorn and tailored. It’s the sound of a family preparing for the leap from the overcrowded apartment to the “starter” home that will see their first into high school. The end of summer sure can seem an awful lot like spring. Let’s see if the housing market says the same.
In the Twin Cities region, for the week ending August 11:
- New Listings increased 2.0% to 1,387
- Pending Sales increased 31.2% to 1,149
- Inventory decreased 29.6% to 16,982
For the month of July:
- Median Sales Price increased 13.7% to $179,000
- Days on Market decreased 27.8% to 106
- Percent of Original List Price Received increased 3.6% to 95.0%
- Months Supply of Inventory decreased 42.8% to 4.3
Posted in The Skinny
Monday, August 13th, 2012
Let’s admit it: It’s been nice to have a year of positive headlines in the residential real estate industry. There have been more sales for more money in most markets across the country, and the foreclosure situation, although not entirely in the rearview mirror, has abated. We’re now entering the months of 2012 that should offer a true test of the lasting power of this buyer-seller tryst. A dropoff in buyer and seller activity might be expected after so many months of bliss, but the feeling remains that the market will survive beyond the honeymoon phase.
In the Twin Cities region, for the week ending August 4:
- New Listings decreased 0.1% to 1,433
- Pending Sales increased 20.4% to 1,129
- Inventory decreased 29.6% to 17,085
For the month of July:
- Median Sales Price increased 14.2% to $179,900
- 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 43.4% to 4.3
Monday, August 6th, 2012
For decades now, the real estate industry has been both humbled and invigorated by the strong and direct relationship between the labor and housing markets. As goes the economy, seemingly so goes housing. That relationship was especially clear after the 2007 recession. The economy added 163,000 jobs in July, the highest figure since February. Our economy is growing, but not as quickly as many would like. Meanwhile, inventory drops and surging buyer demand from renters and first-timers are anchoring home prices and giving sellers more power than they’ve had in years.
In the Twin Cities region, for the week ending July 28:
- New Listings increased 8.3% to 1,430
- Pending Sales increased 20.9% to 1,149
- Inventory decreased 30.5% to 17,103
For the month of June:
- Median Sales Price increased 10.2% to $178,600
- Days on Market decreased 22.0% to 113
- Percent of Original List Price Received increased 4.1% to 95.1%
- Months Supply of Inventory decreased 42.6% to 4.6