Where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity. Narrated by Cari Linn (2012 President, Minneapolis Area Association of REALTORS®), video produced by Chelsie Lopez.
Monday, October 15th, 2012
In between days. The spring and summer selling seasons are well behind us, and the holiday slowdown is well ahead of us (except in some department stores). As the days grow shorter, housing numbers may not be as thrilling as they were in recent months, but the trends remain the same. Compared to last year, sales are regularly up and inventory figures are down, including months of supply. Sales and prices will surely drop, but there is reason for optimism through the end of the year, providing a cure to several years of little to hold on to.
In the Twin Cities region, for the week ending October 6:
- New Listings increased 2.8% to 1,301
- Pending Sales increased 33.5% to 1,049
- Inventory decreased 28.6% to 16,113
For the month of September:
- Median Sales Price increased 12.6% to $174,500
- Days on Market decreased 28.5% to 101
- Percent of Original List Price Received increased 4.0% to 94.8%
- Months Supply of Inventory decreased 40.1% to 4.0
Monday, October 8th, 2012
Some say that housing and the economy are woven together into a single garment of destiny. Let’s review recent national economic data: a good September non-farm payroll report marking 31 consecutive months of private job growth, the unemployment rate falling to 7.8 percent (a 44-month low), a widely positive S&P/Case-Shiller home price report and mortgage rates averaging close to 3.4 percent. Combine the above trends with less housing supply and strong home sales numbers, and you can start to see just what’s driving this recovery. Here’s what transpired locally.
In the Twin Cities region, for the week ending September 29:
- New Listings increased 6.2% to 1,314
- Pending Sales increased 15.5% to 1,000
- Inventory decreased 29.6% to 16,261
For the month of September:
- Median Sales Price increased 12.3% to $174,000
- Days on Market decreased 28.7% to 101
- Percent of Original List Price Received increased 4.1% to 94.8%
- Months Supply of Inventory decreased 40.9% to 4.0
Monday, October 8th, 2012
Some say that housing and the economy are woven together into a single garment of destiny. Let’s review recent national economic data: a good September non-farm payroll report marking 31 consecutive months of private job growth, the unemployment rate falling to 7.8 percent (a 44-month low), a widely positive S&P/Case-Shiller home price report and mortgage rates averaging close to 3.4 percent. Combine the above trends with less housing supply and strong home sales numbers, and you can start to see just what’s driving this recovery. Here’s what transpired locally.
In the Twin Cities region, for the week ending September 29:
- New Listings increased 6.2% to 1,314
- Pending Sales increased 15.5% to 1,000
- Inventory decreased 29.6% to 16,261
For the month of September:
- Median Sales Price increased 12.3% to $174,000
- Days on Market decreased 28.7% to 101
- Percent of Original List Price Received increased 4.1% to 94.8%
- Months Supply of Inventory decreased 40.9% to 4.0
Monday, October 1st, 2012
With October just around the corner, 2012 has certainly flown by. The things to be watching for this fall are the same things you’ve likely been watching all year. Changes in sales levels, active listings, market times, seller concessions and, of course, home prices have taken center stage. To showcase just one, home prices may moderate on a month-to-month basis but should continue to demonstrate resiliency in a year-over-year sense. While the economy has been sending some mixed signals lately, one aspect of this recovery remains convincing: housing will be a net contributor.
In the Twin Cities region, for the week ending September 22:
- New Listings decreased 1.1% to 1,295
- Pending Sales increased 22.8% to 1,078
- Inventory decreased 29.4% to 16,428
For the month of August:
- Median Sales Price increased 14.8% to $178,000
- Days on Market decreased 23.9% to 107
- Percent of Original List Price Received increased 4.2% to 95.1%
- Months Supply of Inventory decreased 41.1% to 4.2