Monday, April 29th, 2013

Less supply, more demand and rising prices are being seen in residential markets across the nation. Although grumpy cats using national data sometimes grouse about the housing recovery’s fragility, housing trends have remained positive for well over a year now, and the road ahead looks bright with better lending standards in place. Ominous headlines may benefit advertisers and search engine optimization, but local consumers informed of local situations are in a better position to leverage the market.

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

  • New Listings decreased 4.5% to 1,601
  • Pending Sales increased 9.7% to 1,337
  • Inventory decreased 28.4% to 13,258

For the month of March:

  • Median Sales Price increased 17.8% to $176,575
  • Days on Market decreased 24.3% to 109
  • Percent of Original List Price Received increased 3.1% to 95.0%
  • Months Supply of Inventory decreased 38.0% to 3.1

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

Posted in Weekly Report |
Monday, April 22nd, 2013

Positive news about the housing market has permeated the headlines for several months now, and it’s not just a case of less supply and more demand. It’s also a function of product mix. When there is a transition from a 50 percent foreclosure market to a 25 percent foreclosure market, prices inevitably rise because there are fewer low-priced homes in the sales mix. Of course, this is not the case in all submarkets, so here’s what else is happening around town.

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

  • New Listings decreased 2.0% to 1,605
  • Pending Sales increased 6.1% to 1,186
  • Inventory decreased 28.7% to 13,145

For the month of March:

  • Median Sales Price increased 17.8% to $176,650
  • Days on Market decreased 24.3% to 109
  • Percent of Original List Price Received increased 3.1% to 95.0%
  • Months Supply of Inventory decreased 38.0% to 3.1

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

Posted in Weekly Report |
Monday, April 15th, 2013

The unpredictable season of spring is here. Wily snowstorms, thunderous rain and summer-like heat waves strike across the U.S. It’s a good thing that we can count on at least one thing – a steadily improving housing market. Even the few naysayers left can’t ignore the cherry blossom blooms within the market metrics. So get out your umbrella, sunscreen and snow boots because, no matter the weather, we are watching a burgeoning market take form. With scarf, shorts and galoshes on, let’s wade into this week’s local housing stats.

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

  • New Listings increased 22.6% to 1,731
  • Pending Sales increased 17.1% to 1,158
  • Inventory decreased 30.1% to 12,821

For the month of March:

  • Median Sales Price increased 18.0% to $176,840
  • Days on Market decreased 24.3% to 109
  • Percent of Original List Price Received increased 3.1% to 95.0%
  • Months Supply of Inventory decreased 38.0% to 3.1

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

Posted in Weekly Report |
Monday, April 15th, 2013
Minneapolis, Minnesota (April 10, 2013) – The 13-county Twin Cities regional housing market has achieved several major accomplishments in recent months and March 2013 was no different. For a 13th consecutive month, homes sold at a higher median price than during the prior year. Additionally, the percentage of all new listings that were traditional, non-distressed homes rose to 75.0 percent, its highest level since May 2008. Several patterns continued from 2012, including increased pending sales, decreased inventory, higher prices and a lighter distressed market.

There were 3,632 closed sales in March 2013, which was roughly even with last year. There were 4,656 pending sales, a 6.6 percent increase over 2012. Inventory levels declined 31.0 percent to 12,615 active listings, marking a new 10-year low. Driven by the changing mix of sales, the median price for the Twin Cities metro rose 17.4 percent to $176,000. More product sold at higher price points.

“We closely monitor the mix of homes that sell,” said Andy Fazendin, President of the Minneapolis Area Association of REALTORS®. “It’s evident that foreclosures and short sales are comprising a smaller share of overall listings and sales compared to recent years. This is great news for the traditional market.”

Although seller activity was down 5.0 percent in the metro area, traditional new listings were up 9.7 percent; foreclosure new listings were down 26.6 percent; short sale new listings were down 42.0 percent.

Since traditional homes sell for about 55.0 percent more than foreclosures, median sales price rose 17.4 percent compared to last year. The 10K Housing Value Index – which controls for data variability – showed a 10.5 percent increase to $182,378. More seller participation in the market will be crucial to ongoing recovery, as many consumers are frustrated by the limited supply of homes for sale. There is evidence that this is improving, as traditional seller activity has been on the rise lately.

Traditional homes represented more than 62.0 percent of all closed sales. Distressed properties made up the remaining 38.0 percent. The traditional median sales price was up 6.1 percent to $209,900; the foreclosure median sales price was up 28.5 percent to $134,900; the short sale median sales price was down 3.0 percent to $130,000.

“Buyers are filling the market pool with the arrival of spring,” said Emily Green, MAAR President-Elect. “Sellers are starting to dip their toes into the water, but we could use some divers.”

Posted in The Skinny |
Monday, April 8th, 2013

The housing market continues to assert itself, often changing the hearts and minds of housing bears, skeptical politicians, curmudgeonly economists and buyers and sellers alike. Over the past six to eighteen months, we’ve seen real estate stabilize, turn around and even start to recover. But it can sometimes feel like a moving target. With diminished inventory levels, cheap finance options, strong sales and rising prices, the prudent market participant will remain vigilant in monitoring his or her local real estate activity. That should be an easy task; start by simply turning the page!

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

  • New Listings decreased 12.1% to 1,349
  • Pending Sales increased 12.0% to 1,210
  • Inventory decreased 29.6% to 12,909

For the month of March:

  • Median Sales Price increased 17.4% to $176,000
  • Days on Market decreased 24.3% to 109
  • Percent of Original List Price Received increased 3.1% to 95.0%
  • Months Supply of Inventory decreased 40.0% to 3.0

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

Posted in Weekly Report |

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