The report card for this week showed higher grades than last year at this time for both buyers and sellers. Activity levels are higher on both sides, which is indicative of recovering confidence in the local market. Prices in certain areas have already turned a corner, and it is not unreasonable to expect a continuation of this trend. As summer begins to swelter, also keep a watchful eye on active listings, absorption rates, days on market and percent of list price received. Being schooled in these metrics is like having an open book during the final exam.
In the Twin Cities region, for the week ending June 9:
- New Listings increased 0.4% to 1,582
- Pending Sales increased 29.4% to 1,231
- Inventory decreased 31.0% to 17,540
For the month of May:
- Median Sales Price increased 10.5% to $169,000
- Days on Market decreased 19.6% to 125
- Percent of Original List Price Received increased 3.8% to 94.6%
- Months Supply of Inventory decreased 44.7% to 4.6
Monday, June 18th, 2012
Monday, June 11th, 2012
Last year at this time, the housing market was in a holding pattern of uncertainty and negativity. This year, it is acceptable to have hope again. Sellers have listed less inventory and buyers are absorbing existing inventory. Foreclosures, while still present, are having a less detrimental impact since low-priced inventory has already been purchased, forcing consumers up the price ladder. Homes are now selling quicker and for closer to list prices in many submarkets. The short sale process, loan availability and some appraisals continue to threaten a quicker recovery, but less so recently.
In the Twin Cities region, for the week ending June 2:
- New Listings decreased 17.4% to 1,382
- Pending Sales increased 27.2% to 974
- Inventory decreased 29.9% to 17,607
For the month of May:
- Median Sales Price increased 10.5% to $169,000
- Days on Market decreased 19.5% to 125
- Percent of Original List Price Received increased 3.8% to 94.5%
- Months Supply of Inventory decreased 45.2% to 4.5
Wednesday, June 6th, 2012
Although the latest jobs report was less than exciting for those waiting for economic recovery to cast a warming glow all across the land, the residential real estate market continued to jog along at a nice pace, as though earbuds were drowning out the din of negative energies trying to dissuade healthy activity. For the most recent week, buyer activity was higher than year-ago levels while listing activity registered lower. Keep watching inventory and sales activity throughout the summer to see if this runner’s high will continue into fall.
In the Twin Cities region, for the week ending May 26:
- New Listings decreased 8.5% to 1,387
- Pending Sales increased 19.2% to 1,231
- Inventory decreased 29.8% to 17,740
For the month of April:
- Median Sales Price increased 12.1% to $162,500
- Days on Market decreased 15.2% to 135
- Percent of Original List Price Received increased 3.7% to 93.4%
- Months Supply of Inventory decreased 41.7% to 4.8
Posted in Weekly Report
Tuesday, May 29th, 2012
The tempo in residential housing has remained upbeat through the first five months of 2012. Year-to-date figures begin to sing a compelling tune at this time of year, and the song thus far is that markets are moving back toward balance and home prices are beginning to reflect that stabilization. For the most recent week, buyer activity was higher than year-ago levels while listing activity registered lower. Keep an eye on months supply, seller concessions, market times and foreclosure rates. Multiple offers are back and tentative owners looking to move should take note. It’s okay to sing in public again.
In the Twin Cities region, for the week ending May 19:
- New Listings decreased 9.6% to 1,533
- Pending Sales increased 18.6% to 1,116
- Inventory decreased 29.4% to 17,648
For the month of April:
- Median Sales Price increased 12.1% to $162,500
- Days on Market decreased 15.2% to 135
- Percent of Original List Price Received increased 3.6% to 93.4%
- Months Supply of Inventory decreased 42.0% to 4.8
Tuesday, May 29th, 2012
The tempo in residential housing has remained upbeat through the first five months of 2012. Year-to-date figures begin to sing a compelling tune at this time of year, and the song thus far is that markets are moving back toward balance and home prices are beginning to reflect that stabilization. For the most recent week, buyer activity was higher than year-ago levels while listing activity registered lower. Keep an eye on months supply, seller concessions, market times and foreclosure rates. Multiple offers are back and tentative owners looking to move should take note. It’s okay to sing in public again.
In the Twin Cities region, for the week ending May 19:
- New Listings decreased 9.6% to 1,533
- Pending Sales increased 18.6% to 1,116
- Inventory decreased 29.4% to 17,648
For the month of April:
- Median Sales Price increased 12.1% to $162,500
- Days on Market decreased 15.2% to 135
- Percent of Original List Price Received increased 3.6% to 93.4%
- Months Supply of Inventory decreased 42.0% to 4.8
Posted in Weekly Report