- Tom Torkelson

Monday, May 18th, 2020

Weekly Market Report

For Week Ending May 9, 2020

This week ATTOM Data Solutions released their Q1 2020 U.S. Home Equity and Underwater Report, showing that just over one in four homeowners have at least 50% equity in their homes. The Mortgage Bankers Association reported that mortgage applications were up again last week, which is further sign of strengthing buyer interest as much of the country sees a gradual softening of stay-at-home orders due to COVID-19.

In the Twin Cities region, for the week ending May 9:

New Listings decreased 17.3% to 1,727
Pending Sales decreased 22.6% to 1,232
Inventory decreased 13.5% to 9,550

For the month of April:

Median Sales Price increased 8.9% to $305,000
Days on Market decreased 17.5% to 47
Percent of Original List Price Received increased 0.5% to 99.9%
Months Supply of Homes For Sale decreased 13.6% to 1.9

All comparisons are to 2019

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Posted in Weekly Report |

Monday, May 11th, 2020

Weekly Market Report

For Week Ending May 2, 2020

The Mortgage Bankers Association reported a 12% increase in mortgage applications last week, reversing a trend of falling activity due to the COVID-19 pandemic. While a positive sign of buyer interest and future home buying activity, application volume was still 20% lower than a year ago. Initial unemployment claims came in at a little more than 3.8 million for the week ending April 25th, which continues the decline seen in recent weeks but still significantly higher than pre-pandemic levels.

In the Twin Cities region, for the week ending May 2:

New Listings decreased 28.6% to 1,476
Pending Sales decreased 17.8% to 1,149
Inventory decreased 12.2% to 9,413

For the month of March:

Median Sales Price increased 8.0% to $297,000
Days on Market decreased 7.6% to 61
Percent of Original List Price Received increased 0.6% to 99.2%
Months Supply of Homes For Sale decreased 10.0% to 1.8

All comparisons are to 2019

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Posted in Weekly Report |

Monday, May 4th, 2020

Weekly Market Report

For Week Ending April 25, 2020

While the initial unemployment insurance claims number was down from last week, claims remain at a high level with over 4.4 million people filing for the first time in the latest Department of Labor report. Weekly initial claims are likely to continue to decrease in coming weeks while still remaining significantly elevated. Mortgage rates have stabilized over the last few weeks at nearly three-quarters of a percent lower than a year ago, while showing activity nationwide has increased 39% in the last two weeks as agents and consumers are adapting to the new environment, including using virtual showings in many cases.

In the Twin Cities region, for the week ending April 25:

New Listings decreased 30.7% to 1,376
Pending Sales decreased 24.3% to 1,071
Inventory decreased 11.1% to 9,161

For the month of March:

Median Sales Price increased 8.0% to $297,000
Days on Market decreased 7.6% to 61
Percent of Original List Price Received increased 0.6% to 99.2%
Months Supply of Homes For Sale decreased 10.0% to 1.8

All comparisons are to 2019

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Posted in Weekly Report |

Monday, April 27th, 2020

Weekly Market Report

For Week Ending April 18, 2020

The Department of Labor’s initial jobless claims report released April 16th showed 5,245,000 new weekly claims, which is a decrease of nearly 1.4 million from last week. New initial claims are expected to continue to decline but still remain at high levels in the next few weeks. This week the Commerce Department reported new construction building permits were at a seasonally adjusted annual pace of 1.35 million in March, which is 5% higher than last year. However, that is expected to decline in April as the impact of COVID-19 is more fully realized.

In the Twin Cities region, for the week ending April 18: