Ted Bergstrom

For Week Ending April 3, 2021

The University of Michigan’s latest Consumer Sentiment Index came in at 84.9 points, up from 76.8 in February and the highest level since last March’s 89.1 reading. The index is an economic indicator of the overall health of the economy as determined by consumer opinion. Increasing values point to increasing consumer confidence in their own financial health and the health of the overall economy.

In the Twin Cities region, for the week ending April 3:

• New Listings decreased 7.6% to 1,406
• Pending Sales increased 21.8% to 1,358
• Inventory decreased 49.4% to 5,051

For the month of February:

• Median Sales Price increased 11.5% to $314,000
• Days on Market decreased 31.3% to 46
• Percent of Original List Price Received increased 2.1% to 100.1%
• Months Supply of Homes For Sale decreased 47.1% to 0.9

All comparisons are to 2020

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

For Week Ending March 27, 2021

As the spring market is in full swing and home prices are ticking up, mortgage rates have moved higher in recent weeks as well. Freddie Mac reports that the national average rate for a 30-year fixed-rate mortgage rose to 3.17% with an average of .6 points. While rates are still below the average of 3.5% for the same week last year, the year over year comparison has been tightening in recent weeks.

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

• New Listings decreased 3.8% to 1,479
• Pending Sales increased 15.5% to 1,327
• Inventory decreased 49.0% to 4,992

For the month of February:

• Median Sales Price increased 11.5% to $314,000
• Days on Market decreased 31.3% to 46
• Percent of Original List Price Received increased 2.1% to 100.1%
• Months Supply of Homes For Sale decreased 47.1% to 0.9

All comparisons are to 2020

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

For Week Ending March 20, 2021

Real estate data firm ATTOM Data Solutions reported that the number of homes flipped by investors decreased in 2020 for the first time since 2014. For this study, ATTOM defined a home flip as a condo or single-family home that sold twice within 12 months. Flips of single-family homes and condos fell 13.1% in 2020 compared to 2019, falling to its lowest point since 2016. ATTOM estimated that 5.9% of all homes sold in 2020 were flips.

In the Twin Cities region, for the week ending March 20:

• New Listings decreased 21.4% to 1,390
• Pending Sales increased 4.9% to 1,230
• Inventory decreased 48.6% to 4,872

For the month of February:

• Median Sales Price increased 11.5% to $314,000
• Days on Market decreased 31.3% to 46
• Percent of Original List Price Received increased 2.1% to 100.1%
• Months Supply of Homes For Sale decreased 47.1% to 0.9

All comparisons are to 2020

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

For Week Ending March 13, 2021

Freddie Mac reported that cash-out refinancing activity surged 42% in 2020 compared to 2019, as homeowners cashed out $152.7 billion in home equity, the highest level since 2007. Low interest rates and strong appreciation in recent years proved attractive to cash-out refinance borrowers, who, on average, withdrew $50,000 in equity.

In the Twin Cities region, for the week ending March 13:

• New Listings decreased 22.0% to 1,391
• Pending Sales increased 4.8% to 1,252
• Inventory decreased 46.5% to 4,857

For the month of February:

• Median Sales Price increased 11.5% to $314,000
• Days on Market decreased 31.3% to 46
• Percent of Original List Price Received increased 2.1% to 100.1%
• Months Supply of Homes For Sale decreased 47.1% to 0.9

All comparisons are to 2020

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

For Week Ending March 6, 2021

With the spring market well underway, buyer activity remains very robust and hot properties continue to frequently encounter bidding wars. While mortgage rates have ticked up over 3% for the first time since last July, the incremental increase is unlikely to have a substantial effect on buyer demand.

In the Twin Cities region, for the week ending March 6:

• New Listings decreased 21.8% to 1,433
• Pending Sales decreased 1.7% to 1,130
• Inventory decreased 44.6% to 4,818

For the month of February:

• Median Sales Price increased 11.5% to $314,000
• Days on Market decreased 31.3% to 46
• Percent of Original List Price Received increased 2.1% to 100.1%
• Months Supply of Homes For Sale decreased 47.1% to 0.9

All comparisons are to 2020

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

For Week Ending February 27, 2021

Home prices continue to rise at a fast pace nationally, with the median sales price of existing homes up 14.1% in January 2021 from the same time last year. Sales were also up, with January’s seasonally-adjusted annual existing home sales climbing 23.7% from the year before. Low supply of homes for sale continues to be an issue as “sales easily could have been even 20% higher if there had been more inventory and more choices,” according to NAR chief economist Lawrence Yun.

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

• New Listings decreased 15.8% to 1,211
• Pending Sales increased 4.0% to 1,104
• Inventory decreased 43.4% to 4,783

For the month of January:

• Median Sales Price increased 11.1% to $300,000
• Days on Market decreased 37.3% to 42
• Percent of Original List Price Received increased 2.6% to 99.5%
• Months Supply of Homes For Sale decreased 47.1% to 0.9

All comparisons are to 2020

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

For Week Ending February 20, 2021

Freddie Mac reported this week the average 30-year fixed-rate mortgage interest rate rose to 2.81%, its highest point since mid-November, but still far lower than the 3.49% average from the same time last year. Interest rates may rise further in coming weeks, but according to Freddie Mac chief economist Sam Khater, “while there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year.”

In the Twin Cities region, for the week ending February 20:

• New Listings decreased 21.1% to 1,032
• Pending Sales decreased 4.6% to 1,026
• Inventory decreased 41.7% to 4,884

For the month of January:

• Median Sales Price increased 11.5% to $301,000
• Days on Market decreased 37.3% to 42
• Percent of Original List Price Received increased 2.6% to 99.5%
• Months Supply of Homes For Sale decreased 47.1% to 0.9

All comparisons are to 2020

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

For Week Ending February 13, 2021

The Mortgage Bankers Association’s most recent National Delinquency Survey reported that the delinquency rate for mortgage loans on one-to-four unit residential properties declined to a seasonally adjusted rate of 6.73 percent of all loans outstanding in Q4 2020. The percent of loans delinquent was down nearly one percent from Q3 2020, but still up nearly three percent from one year ago.

In the Twin Cities region, for the week ending February 13:

• New Listings decreased 6.6% to 1,120
• Pending Sales decreased 3.6% to 981
• Inventory decreased 42.3% to 4,833

For the month of December:

• Median Sales Price increased 11.5% to $301,000
• Days on Market decreased 37.3% to 42
• Percent of Original List Price Received increased 2.6% to 99.5%
• Months Supply of Homes For Sale decreased 47.1% to 0.9

All comparisons are to 2020

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