Monday, October 9th, 2017

For Week Ending September 30, 2017

Few cities and neighborhoods – around the nation and locally – are turning heads as hotbeds of new housing inventory. Residential real estate markets that have had a hard time dealing with a reduction in the number of homes available for sale are now also struggling to keep up with new listings levels from last year. While it’s true that builder confidence is up, it will take time before any sort of new development spawns a significant change in trend direction.

In the Twin Cities region, for the week ending September 30:

  • New Listings decreased 4.9% to 1,382
  • Pending Sales decreased 0.9% to 1,160
  • Inventory decreased 16.0% to 12,728

For the month of August:

  • Median Sales Price increased 6.8% to $252,000
  • Days on Market decreased 14.3% to 48
  • Percent of Original List Price Received increased 0.6% to 98.5%
  • Months Supply of Inventory decreased 16.7% to 2.5

All comparisons are to 2016

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

Posted in Weekly Report |
Monday, October 2nd, 2017

For Week Ending September 23, 2017

Last year’s national chorus was about how high buyer demand, a sunny economic outlook and enticingly low mortgage rates were propping up sales and prices in spite of low inventory. That refrain is still common enough, but regional changes continue to become more pronounced, whether due to weather, differing employment expectations or varying new construction outlooks. Let’s look at how our unique local market is performing.

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

  • New Listings increased 1.7% to 1,465
  • Pending Sales decreased 1.5% to 1,081
  • Inventory decreased 16.5% to 12,740

For the month of August:

  • Median Sales Price increased 6.8% to $252,000
  • Days on Market decreased 14.3% to 48
  • Percent of Original List Price Received increased 0.6% to 98.5%
  • Months Supply of Inventory decreased 16.7% to 2.5

All comparisons are to 2016

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

Posted in Weekly Report |
Monday, September 25th, 2017

For Week Ending September 16, 2017

According to the National Association of Home Builders, there is a rising demand in the new-home market spurred on by ongoing job and economic growth, the continuation of attractive mortgage rates and increased consumer confidence. And there does appear to be a notable increase in building or announced building projects around the country. Builder confidence tends to equate with more construction starts, which would be welcome news in an era of low inventory.

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

  • New Listings decreased 5.7% to 1,536
  • Pending Sales decreased 7.1% to 1,084
  • Inventory decreased 16.5% to 12,740

For the month of August:

  • Median Sales Price increased 6.8% to $252,000
  • Days on Market decreased 14.3% to 48
  • Percent of Original List Price Received increased 0.6% to 98.5%
  • Months Supply of Inventory decreased 16.7% to 2.5

All comparisons are to 2016

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

Posted in Weekly Report |
Monday, September 25th, 2017

“The fiercest competition will be on updated turn-key listings close to jobs and amenities.”

Posted in Monthly Skinny Video |
Monday, September 25th, 2017
By David Arbit on Friday, September 22nd, 2017

Since home prices for the Twin Cities metro have fully recovered and then some, it’s tempting (and even somewhat logical) to assume that monthly mortgage payments are also at all-time highs. That assumption would be entirely inaccurate. But it makes so much sense! If the median home price is at an all-time high, the monthly mortgage payment on that median priced home must therefore also be at an all-time high. Nope. Still false.

What this assumption fails to account for is of course mortgage or interest rates. The last time prices were this high, in 2006, the 30-year fixed mortgage rate was about 6.5 percent. In 2017, rates are averaging around 4.0 percent. That’s where this all-too-common assumption falls flat on its face.

The monthly payment on the median-priced home in 2006 was $1,715, but is only $1,498 in 2017, thanks to rates being 2.5 percentage points lower (6.5 vs 4.0). The median home price, however, has now reached $247,000 compared to $230,000 in 2006. So while affordability has declined since 2012, it still remains above 2004-2007 levels. In other words, despite prices being higher today than in 2006, monthly payments on purchased homes are still below where they were during the housing bubble.
Prices-vs-Payments2-702x503
From The Skinny Blog.

Posted in The Skinny |

User Registration

Forgot Password?
Back To Login

Enter E-mail: