Monday, May 2nd, 2016

For Week Ending April 23, 2016

Despite the literal and symbolic rain on the real estate market’s parade recently, REALTORS® are keeping busy with closing finalizations and stacked showing schedules. The average days on market remains low in most price ranges across the country. Interested buyers, and their agents, have to move fast this spring in order to find the right fit.

In the Twin Cities region, for the week ending April 23:

  • New Listings decreased 1.5% to 1,942
  • Pending Sales decreased 2.9% to 1,559
  • Inventory decreased 18.5% to 12,906

For the month of March:

  • Median Sales Price increased 5.7% to $222,000
  • Days on Market decreased 17.5% to 85
  • Percent of Original List Price Received increased 0.9% to 96.8%
  • Months Supply of Inventory decreased 25.7% to 2.6

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

Posted in Weekly Report |
Thursday, April 28th, 2016

Posted in Monthly Skinny Video |
Thursday, April 28th, 2016
By David Arbit on Wednesday, April 27th, 2016
KCM-DOM-702x527
We don’t often talk about the national housing market, because, well, that isn’t really a thing. You read that right. There is no national housing market! The same way there is no national weather forecast. You don’t grab an umbrella in Miami based on the weather in Seattle, do you? So why would you base a decision to buy or sell real property in Minneapolis on data from Phoenix, Cleveland, Las Vegas and St. Louis? You wouldn’t. Because that would be silly.

So from the standpoint of a family or individual in the midst of a local decision-making process, national data is more or less worthless. Worse, it can actually lead to negative outcomes if a local decision was made based on national figures. Perhaps a Case-Shiller report showed that home prices are rising across their 20-city composite index. But that doesn’t mean prices are rising in every neighborhood or city, or even a particular section of a neighborhood. However, when it comes to bench-marking how we’re doing in Minnesota against other states, national-scale market data can play a marginally useful role.

The folks at Keeping Current Matters (KCM) have taken information from NAR’s Monthly REALTOR® Confidence Survey to generate a heat map showing hot spots and cold spots around the country. The darkest blue represents states where homes sell quickly (30 days and under). The darkest orange represents states where homes tend to sell in over 90 days.

As you can see (and as most agents know), Minnesota homes tend to sell quickly. Our state is in the top quintile, among a group of only five other states. It’s a safe bet that our acute inventory shortage plays a large role in this dynamic, but our extremely competitive labor market, attractive business climate, affordable housing stock, high quality of life, diversity, top-notch schools and our treasured parks and water bodies also play a big role in attracting and keeping people here. That translates into strong demand for housing, which—when combined with very low supply levels—means homes tend to sell pretty quickly.

From The Skinny Blog.

Posted in The Skinny |
Monday, April 25th, 2016

For Week Ending April 16, 2016

Higher home prices and declining months’ supply confirm that it continues to be an excellent time to sell as we start to shift into the heart of the sales season. While construction is expected to pick up and both first-time and move-up buyers are eager to bid for the perfect home, we still need to find a solution for the ongoing problem of low inventory.

In the Twin Cities region, for the week ending April 16:

  • New Listings decreased 5.0% to 1,957
  • Pending Sales increased 5.9% to 1,506
  • Inventory decreased 19.1% to 12,592

For the month of March:

  • Median Sales Price increased 5.7% to $222,000
  • Days on Market decreased 17.5% to 85
  • Percent of Original List Price Received increased 0.9% to 96.8%
  • Months Supply of Inventory decreased 28.6% to 2.5

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

Posted in Weekly Report |
Monday, April 18th, 2016

For Week Ending April 9, 2016

Although inventory is down across the country, many homes that do get listed are selling fast. Days on market is dwindling, and sellers are getting more for their homes than they might have in the past. Confident seller pricing combined with continuously low interest rates for buyers is keeping most markets balanced.

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

  • New Listings decreased 6.1% to 1,983
  • Pending Sales increased 15.2% to 1,496
  • Inventory decreased 18.3% to 12,389

For the month of March:

  • Median Sales Price increased 5.7% to $222,000
  • Days on Market decreased 17.5% to 85
  • Percent of Original List Price Received increased 0.9% to 96.8%
  • Months Supply of Inventory decreased 28.6% to 2.5

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

Posted in Weekly Report |

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