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
Monday, June 11th, 2012
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
Monday, May 21st, 2012
Houses are just things. Boxes waiting to be filled. In the hands of caring, nurturing citizens, those simple boxes become homes that create memories and fortify communities for generations. This May, more than 13,000 REALTORS® rallied at the Washington Monument to preserve the American Dream of homeownership. Some components of the dream are being threatened by budget pressures and market realities. But homeownership is very much alive and well, as more than three out of five residencies are owner-occupied in the U.S. Moreover, buyer demand has been impressive throughout the year. As Franklin D. Roosevelt famously stated: “A nation of homeowners is unconquerable.” Our response in 2012: Fill the box!
In the Twin Cities region, for the week ending May 12:
- New Listings decreased 11.8% to 1,485
- Pending Sales increased 18.9% to 1,159
- Inventory decreased 28.3% to 17,761
For the month of April:
- Median Sales Price increased 12.1% to $162,500
- Days on Market decreased 15.1% to 135
- Percent of Original List Price Received increased 3.6% to 93.4%
- Months Supply of Inventory decreased 42.4% to 4.7