Ted Bergstrom

For Week Ending March 19, 2022

Rising sales prices and a surge in mortgage rates haven’t been enough to cool demand and ease competition heading into the spring market. Agents are reporting homes are selling at lightning speed and often with multiple offers. According to the National Association of REALTORS®, 84% listings were on the market less than 30 days last month, with an average of 5 offers on each home sold, and 48% of offers above list price nationwide.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 19:

• New Listings decreased 6.8% to 1,370
• Pending Sales decreased 6.6% to 1,180
• Inventory decreased 14.6% to 4,713

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 8.3% to $340,000
• Days on Market decreased 4.3% to 44
• Percent of Original List Price Received increased 0.7% to 100.8%
• Months Supply of Homes For Sale decreased 10.0% to 0.9

All comparisons are to 2021

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

For Week Ending March 12, 2022

Following a brief decline recently, mortgage interest rates are on the rise again, as the average 30-year fixed-rate mortgage jumped to 4.27% for the week ending March 11, the highest level since May 2019, according to the Mortgage Bankers Association. Mortgage rates are now a full percentage point higher than this time last year and continue to impact mortgage demand, in particular refinance applications, which were down 49% compared to the same week one year ago.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 12:

• New Listings decreased 10.1% to 1,313
• Pending Sales decreased 6.5% to 1,174
• Inventory decreased 14.0% to 4,671

FOR THE MONTH OF FEBRUARY:

• Median Sales Price increased 8.3% to $340,000
• Days on Market decreased 8.7% to 42
• Percent of Original List Price Received increased 0.7% to 100.8%
• Months Supply of Homes For Sale decreased 20.0% to 0.8

All comparisons are to 2021

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

For Week Ending March 5, 2022

The U.S. median listing price rose 12.9% year-over-year to a new high of $392,000 in February, exceeding the previous peak set in July 2021, according to Realtor.com’s Monthly Housing Trends Report. Despite rising sales prices, homes are disappearing in record time, with the typical U.S. home selling more than two weeks faster last month compared to the same period last year, and more than a month faster compared to February 2017 – 2019.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 5:

• New Listings decreased 5.8% to 1,417
• Pending Sales decreased 3.8% to 1,128
• Inventory decreased 16.3% to 4,505

FOR THE MONTH OF JANUARY:

• Median Sales Price increased 10.6% to $333,000
• Days on Market decreased 2.4% to 41
• Percent of Original List Price Received increased 0.1% to 99.6%
• Months Supply of Homes For Sale decreased 20.0% to 0.8

All comparisons are to 2021

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

For Week Ending February 26, 2022

Nationally, pending home sales decreased 5.7% as of last measure, marking the third consecutive month of declines according to the National Association of REALTORS®. With housing supply at a record low, buyers are finding fewer and fewer homes for sale, while rising mortgage rates and increased housing costs have priced out marginal buyers. Inventory levels are expected to improve gradually as the weather warms; in the meantime, economists say buyers should expect a challenging spring market.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 26:

• New Listings decreased 12.7% to 1,104
• Pending Sales decreased 15.1% to 964
• Inventory decreased 16.9% to 4,469

FOR THE MONTH OF JANUARY:

• Median Sales Price increased 10.6% to $333,000
• Days on Market decreased 2.4% to 41
• Percent of Original List Price Received increased 0.1% to 99.6%
• Months Supply of Homes For Sale decreased 20.0% to 0.8

All comparisons are to 2021

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

For Week Ending February 19, 2022

Median rental prices have increased by double-digits for eight consecutive months, rising 19.8% year-over-year. While home prices continue to climb, according to Realtor.com’s January Rental Report, buying a starter home is more affordable than renting a similar sized apartment in more than half of the nation’s largest metropolitan areas. That’s because, nationally, rent growth is rising faster than home prices, with economists expecting rental prices to outpace listing price growth in 2022.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 19:

• New Listings decreased 3.0% to 1,057
• Pending Sales decreased 11.0% to 913
• Inventory decreased 19.2% to 4,429

FOR THE MONTH OF JANUARY:

• Median Sales Price increased 10.6% to $333,000
• Days on Market decreased 2.4% to 41
• Percent of Original List Price Received increased 0.1% to 99.6%
• Months Supply of Homes For Sale decreased 20.0% to 0.8

All comparisons are to 2021

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