Monday, October 1st, 2012

With October just around the corner, 2012 has certainly flown by. The things to be watching for this fall are the same things you’ve likely been watching all year. Changes in sales levels, active listings, market times, seller concessions and, of course, home prices have taken center stage. To showcase just one, home prices may moderate on a month-to-month basis but should continue to demonstrate resiliency in a year-over-year sense. While the economy has been sending some mixed signals lately, one aspect of this recovery remains convincing: housing will be a net contributor.

In the Twin Cities region, for the week ending September 22:

  • New Listings decreased 1.1% to 1,295
  • Pending Sales increased 22.8% to 1,078
  • Inventory decreased 29.4% to 16,428

For the month of August:

  • Median Sales Price increased 14.8% to $178,000
  • Days on Market decreased 23.9% to 107
  • Percent of Original List Price Received increased 4.2% to 95.1%
  • Months Supply of Inventory decreased 41.1% to 4.2

Click here for the full Weekly Market Activity Report.

From The Skinny.

Monday, September 24th, 2012

Where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity. Narrated by Emily Green (2012 Secretary, Minneapolis Area Association of REALTORS®), video produced by Chelsie Lopez.

Posted in Monthly Skinny Video |
Monday, September 24th, 2012

On September 13, the Federal Reserve announced its third round of quantitative easing (QE3). This time, it took the form of $40 billion in mortgage-backed securities (MBS) purchases each month. The goal is to bolster the stock market by diminishing returns on MBSs. This will make equities more attractive, which will provide capital to corporations, who should in turn hire and therefore spur consumer spending. If successful, that job creation and spending will resonate into housing consumption and reinvestment. New jobs fuel housing demand which alleviates underwater homeowners and supports home prices. Here’s how we rounded out the week.

In the Twin Cities region, for the week ending September 15:

  • New Listings increased 4.0% to 1,360
  • Pending Sales increased 18.4% to 978
  • Inventory decreased 29.5% to 16,479

For the month of August:

  • Median Sales Price increased 14.8% to $178,000
  • Days on Market decreased 23.9% to 107
  • Percent of Original List Price Received increased 4.2% to 95.1%
  • Months Supply of Inventory decreased 41.5% to 4.2

Click here for the full Weekly Market Activity Report.

From The Skinny.

Thursday, September 20th, 2012

Freddie Mac’s Primary Mortgage Market Survey (PMMS┬«) results released Sept. 20 showed fixed mortgage rates at or near their all-time record lows. The average 30-year fixed rate mortgage matched its all-time record low at 3.49 percent, and the average 15-year fixed fell to a new all-time record low at 2.77 percent.

Posted in Interest Rates |
Monday, September 17th, 2012

You fill the pot with the water and you turn the stovetop on and you wait. You watch it and you want something to happen and it seems to take an exceptionally long time. All you want to do is add the noodles or the white rice or the frozen vegetables. And you wait. Because it’s important to wait until the water is roiling along in what is seemingly chaotic motion but is really the perfect environment for what is meant to be within it. This is our current housing market. It’s been an undeniably good spring and summer, and now we wait to see if the fall showcase is just as good if we mix in the right amount of inventory, sales and days on market.

In the Twin Cities region, for the week ending September 8:

  • New Listings increased 2.2% to 1,273
  • Pending Sales increased 24.2% to 940
  • Inventory decreased 29.6% to 16,458

For the month of August:

  • Median Sales Price increased 15.2% to $178,600
  • Days on Market decreased 24.0% to 107
  • Percent of Original List Price Received increased 4.2% to 95.1%
  • Months Supply of Inventory decreased 42.0% to 4.1

Click here for the full Weekly Market Activity Report.

From The Skinny.

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