Ted Bergstrom

MN Real Estate Team

612.723.5444

Ted@TedBergstrom.com

Weekly Market Report


For Week Ending August 29, 2020

Mortgage rates continue to remain near all-time lows. This week, mortgage giant Freddie Mac reported that average rates on a 30-year fixed-rate mortgage were 2.91% with an average of .8 points, just slightly above the record-low rate of 2.88% recorded earlier in the month. The Federal Reserve has announced that they will be adopting a more flexible monetary policy in an effort to achieve inflation that averages 2% over time, which is likely to keep mortgage rates low and provide further support to economic activity for an extended period of time.

In the Twin Cities region, for the week ending August 29:

  • New Listings increased 24.2% to 1,730
  • Pending Sales increased 18.0% to 1,540
  • Inventory decreased 30.7% to 9,094

For the month of July:

  • Median Sales Price increased 10.6% to $313,000
  • Days on Market increased 7.9% to 41
  • Percent of Original List Price Received increased 0.5% to 100.1%
  • Months Supply of Homes For Sale decreased 29.6% to 1.9

All comparisons are to 2019

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

Weekly Market Report


For Week Ending August 22, 2020

New construction activity continues to show strength, reaching pre-COVID-19 levels. The latest report from the Commerce Department and U.S. Housing and Urban Development shows total housing production is up 22.6% to a seasonally adjusted annual rate of nearly 1.5 million units, the highest rate since February. Lumber prices have surged more than 110% since mid-April, adding approximately $14,000 to the typical new single-family home according to National Association of Home Builder estimates. Many are finding new construction home prices have increased in recent months from the pressures of increased costs to builders and strong consumer demand.

In the Twin Cities region, for the week ending August 22:

  • New Listings increased 4.0% to 1,771
  • Pending Sales increased 21.7% to 1,582
  • Inventory decreased 30.3% to 9,262

For the month of July:

  • Median Sales Price increased 10.6% to $313,000
  • Days on Market increased 7.9% to 41
  • Percent of Original List Price Received increased 0.5% to 100.1%
  • Months Supply of Homes For Sale decreased 29.6% to 1.9

All comparisons are to 2019

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

Weekly Market Report


For Week Ending August 15, 2020

Weekly new unemployment insurance claims dropped below one million for the first time since March last week. More than 28 million people are receiving some form of unemployment benefits as of July 25th, which was down more than 3 million from the previous week. Economists are concerned that many of those laid off since the start of COVID-19 may lose their jobs permanently, as some businesses, both large and small, have downsized or closed in recent months. Replacing those lost jobs is likely to be a lengthy process.

In the Twin Cities region, for the week ending August 15:

  • New Listings increased 6.4% to 1,842
  • Pending Sales increased 12.3% to 1,563
  • Inventory decreased 30.0% to 9,252

For the month of July:

  • Median Sales Price increased 10.6% to $313,000
  • Days on Market increased 7.9% to 41
  • Percent of Original List Price Received increased 0.5% to 100.1%
  • Months Supply of Homes For Sale decreased 29.6% to 1.9

All comparisons are to 2019

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

Weekly Market Report


For Week Ending August 8, 2020

As the major stock market indexes continue to be at or near record highs, we find the housing market in high demand as well. Mortgage rates are still at or near record lows and home buyer activity remains strong. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing market, healthy housing demand fundamentals today will create significant tailwinds in the near term.

In the Twin Cities region, for the week ending August 8:

  • New Listings increased 0.5% to 1,839
  • Pending Sales increased 19.1% to 1,663
  • Inventory decreased 29.4% to 9,291

For the month of July:

  • Median Sales Price increased 10.6% to $313,000
  • Days on Market increased 7.9% to 41
  • Percent of Original List Price Received increased 0.5% to 100.1%
  • Months Supply of Homes For Sale decreased 29.6% to 1.9

All comparisons are to 2019

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

Weekly Market Report


For Week Ending August 1, 2020

While the Bureau of Economic Analysis reported this week that the US economy contracted at a 32.9% annual rate in Q2 2020, the housing market continues to show strength. Freddie Mac reported 30-year fixed-rate mortgages are hovering around 3% with .8 points, which is three-quarters of a percent lower than this time last year. With showing activity and pending sales still posting strong numbers, the housing market looks to continue to be a bright spot in economic activity.

In the Twin Cities region, for the week ending August 1:

  • New Listings decreased 12.1% to 1,774
  • Pending Sales increased 9.0% to 1,563
  • Inventory decreased 28.2% to 9,332

For the month of June:

  • Median Sales Price increased 5.2% to $305,000
  • Days on Market increased 2.4% to 42
  • Percent of Original List Price Received decreased 0.4% to 99.6%
  • Months Supply of Homes For Sale decreased 25.9% to 2.0

All comparisons are to 2019

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

Weekly Market Report


For Week Ending July 25, 2020

The Mortgage Bankers Association reported that their Purchase Index of mortgage applications was 19 percent higher than the same week one year ago. Continued high levels of home purchase mortgage applications suggests that home buyer interest and activity will remain strong in the coming weeks.

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

  • New Listings increased 0.7% to 1,777
  • Pending Sales increased 8.8% to 1,499
  • Inventory decreased 28.7% to 9,303

For the month of June:

  • Median Sales Price increased 5.2% to $305,000
  • Days on Market increased 2.4% to 42
  • Percent of Original List Price Received decreased 0.4% to 99.6%
  • Months Supply of Homes For Sale decreased 25.9% to 2.0

All comparisons are to 2019

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

Weekly Market Report


For Week Ending July 18, 2020

The latest figures released by the Department of Commerce show total housing starts in June rose 17.3% to a seasonally adjusted annual rate of 1.19 million units, with single-family units leading the way with a 17.2% increase to a seasonally adjusted rate of 831,000 per year. With demand for housing strong across most of the nation, this increase in new construction is welcome, but will do little to significantly impact the lack of housing inventory nationwide.

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

  • New Listings decreased 9.1% to 1,753
  • Pending Sales increased 10.2% to 1,541
  • Inventory decreased 27.2% to 9,339

For the month of June:

  • Median Sales Price increased 5.2% to $304,995
  • Days on Market increased 2.4% to 42
  • Percent of Original List Price Received decreased 0.4% to 99.6%
  • Months Supply of Homes For Sale decreased 29.6% to 1.9

All comparisons are to 2019

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

Weekly Market Report


For Week Ending July 11, 2020

Mortgage rates continue to hit new lows. This week, mortgage giant Freddie Mac reported that rates on a 30-year fixed-rate mortgage fell to a new record low of 3.03% with an average of .8 points. That is down from 3.07% last week and 3.75% from the same week a year ago. Record-low rates are continuing to boost already strong buyer demand throughout most of the country and economists expect rates to continue to remain low in the near future.

In the Twin Cities region, for the week ending July 11:

  • New Listings decreased 18.8% to 1,834
  • Pending Sales decreased 0.5% to 1,507
  • Inventory decreased 25.9% to 9,287

For the month of June:

  • Median Sales Price increased 5.2% to $305,000
  • Days on Market increased 2.4% to 42
  • Percent of Original List Price Received decreased 0.4% to 99.6%
  • Months Supply of Homes For Sale decreased 29.6% to 1.9

All comparisons are to 2019

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

Weekly Market Report


For Week Ending July 4, 2020

With healthy buyer demand and constrained supply, showing and offer activity continue to be high with many properties receiving multiple offers. Holiday weeks often provide a short reprieve from the normal busy summer selling season as buyers and sellers take a few days to focus on festivities before turning their focus back to real estate the following week.

In the Twin Cities region, for the week ending July 4:

  • New Listings increased 20.4% to 1,257
  • Pending Sales increased 17.9% to 1,466
  • Inventory decreased 25.3% to 9,624

For the month of May:

  • Median Sales Price increased 3.5% to $294,900
  • Days on Market decreased 8.9% to 41
  • Percent of Original List Price Received decreased 0.4% to 99.6%
  • Months Supply of Homes For Sale decreased 16.0% to 2.1

All comparisons are to 2019

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

Weekly Market Report


For Week Ending June 27, 2020

The National Association of REALTORS® shared in their latest REALTORS® Confidence Index Survey of more than 4,000 members that there were nearly three offers for every home sold in May, which is up from a little more than two offers for every sold home in the April survey. Buyer activity, seen in both showings and Pending Sales, has been strong while seller activity, seen in New Listings, has lagged a bit, suggesting that multiple offer situations continue to be common and will likely remain so in the coming weeks.

In the Twin Cities region, for the week ending June 27:

  • New Listings decreased 16.9% to 1,612
  • Pending Sales increased 3.1% to 1,606
  • Inventory decreased 25.0% to 9,705

For the month of May:

  • Median Sales Price increased 3.5% to $294,900
  • Days on Market decreased 8.9% to 41
  • Percent of Original List Price Received decreased 0.4% to 99.6%
  • Months Supply of Homes For Sale decreased 16.0% to 2.1

All comparisons are to 2019

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