Ted Bergstrom

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.

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.

For Week Ending June 20, 2020

Housing starts in May rose 4.3% to an annual rate of 974,000, its first increase since January and up from a five-year low of 934,000 in April. The increase was less than expected by economists but builder permits were up 14.4% for the month to 1.22 million annually, signaling higher housing starts are likely in the near future.

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

• New Listings decreased 16.4% to 1,728
• Pending Sales increased 3.4% to 1,594
• Inventory decreased 22.8% to 9,871

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.

For Week Ending June 13, 2020

New unemployment insurance weekly claims declined again this week, coming in at a little over 1.5 million claims. This is down substantially from more than 6 million claims posted per week in late March and early April but still higher than pre-COVID- 19 levels. Nearly 21 million Americans remain unemployed, up from just 1.7 million a year ago. As businesses continue to reopen, new unemployment claims and total unemployed is expected to decline in the coming weeks.

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

• New Listings decreased 22.0% to 1,648
• Pending Sales decreased 8.5% to 1,414
• Inventory decreased 20.7% to 9,901

For the month of May:

• Median Sales Price increased 3.3% to $294,375
• 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.

For Week Ending June 6, 2020

Continued low mortgage rates have boosted mortgage applications from prospective home buyers. The Mortgage Bankers Association reported that mortgage applications to purchase a home rose 5% last week, which is 18% higher than applications a year ago. Mortgage applications were down as much as 35% from a year prior just six weeks ago, showing an incredible rebound from the impact of COVID-19.

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

• New Listings decreased 25.0% to 1,674
• Pending Sales decreased 5.6% to 1,418
• Inventory decreased 18.0% to 9,869

For the month of May:

• Median Sales Price increased 3.2% to $294,250
• 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 20.0% to 2.0

All comparisons are to 2019

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

For Week Ending May 30, 2020

Buyer activity continues to improve as states and localities slowly open up. ShowingTime is reporting that nationally, showing activity has been climbing since mid-April and is now at or above the same time last year. This increase in buyer showings predicts continued improvement in pending and closed sales numbers in the weeks to come.

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

• New Listings decreased 27.8% to 1,406
• Pending Sales decreased 10.7% to 1,246
• Inventory decreased 16.4% to 9,935

For the month of April:

• Median Sales Price increased 8.9% to $305,000
• Days on Market decreased 17.5% to 47
• Percent of Original List Price Received increased 0.5% to 99.9%
• Months Supply of Homes For Sale decreased 9.1% to 2.0

All comparisons are to 2019

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

For Week Ending May 23, 2020

Mortgage rates have now been below 3.30 percent for four consecutive weeks, according to the latest update from Freddie Mac. These near-record low rates have been a catalyst for the recovering buyer activity in the housing market while sellers continue to maintain a little more cautious approach.

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

• New Listings decreased 11.7% to 1,668
• Pending Sales decreased 11.0% to 1,453
• Inventory decreased 17.1% to 9,764

For the month of April:

• Median Sales Price increased 8.9% to $305,000
• Days on Market decreased 17.5% to 47
• Percent of Original List Price Received increased 0.5% to 99.9%
• Months Supply of Homes For Sale decreased 9.1% to 2.0

All comparisons are to 2019

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

For Week Ending May 16, 2020

More than 4.1 million homeowners are now in mortgage forbearance plans, according to the Mortgage Bankers Association’s latest survey. Homeowners affected by COVID-19 with a federally backed home loan can delay mortgage payments for up to a year as part of the CARES Act passed by Congress. While the latest numbers are an increase from last week, it was the smallest increase since March 10th.

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

• New Listings decreased 27.5% to 1,599
• Pending Sales decreased 8.0% to 1,341
• Inventory decreased 13.6% to 9,791

For the month of April:

• Median Sales Price increased 8.9% to $305,000
• Days on Market decreased 17.5% to 47
• Percent of Original List Price Received increased 0.5% to 99.9%
• Months Supply of Homes For Sale decreased 13.6% to 1.9

All comparisons are to 2019

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

For Week Ending May 9, 2020

This week ATTOM Data Solutions released their Q1 2020 U.S. Home Equity and Underwater Report, showing that just over one in four homeowners have at least 50% equity in their homes. The Mortgage Bankers Association reported that mortgage applications were up again last week, which is further sign of strengthing buyer interest as much of the country sees a gradual softening of stay-at-home orders due to COVID-19.

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

• New Listings decreased 17.3% to 1,727
• Pending Sales decreased 22.6% to 1,232
• Inventory decreased 13.5% to 9,550

For the month of April:

• Median Sales Price increased 8.9% to $305,000
• Days on Market decreased 17.5% to 47
• Percent of Original List Price Received increased 0.5% to 99.9%
• Months Supply of Homes For Sale decreased 13.6% to 1.9

All comparisons are to 2019

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

For Week Ending May 2, 2020

The Mortgage Bankers Association reported a 12% increase in mortgage applications last week, reversing a trend of falling activity due to the COVID-19 pandemic. While a positive sign of buyer interest and future home buying activity, application volume was still 20% lower than a year ago. Initial unemployment claims came in at a little more than 3.8 million for the week ending April 25th, which continues the decline seen in recent weeks but still significantly higher than pre-pandemic levels.

In the Twin Cities region, for the week ending May 2:

• New Listings decreased 28.6% to 1,476
• Pending Sales decreased 17.8% to 1,149
• Inventory decreased 12.2% to 9,413

For the month of March:

• Median Sales Price increased 8.0% to $297,000
• Days on Market decreased 7.6% to 61
• Percent of Original List Price Received increased 0.6% to 99.2%
• Months Supply of Homes For Sale decreased 10.0% to 1.8

All comparisons are to 2019

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