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.
Weekly Market Report
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.
Sales begin seasonal upswing, but down from last two unusually strong Februarys
- Twin Cities saw 3,809 signed purchase agreements, down 10.5 percent from February 2021 but above 2019 levels
- The number of homes for sale at month-end fell 19.0 percent from last year
- Median Sales Price rose 8.3 percent to $340,000
(March 15, 2022) – According to new data from Minneapolis Area REALTORS® and the Saint Paul Area Association of REALTORS®, buyer activity in the Twin Cities metro showed its first month-over-month gain since August 2021. As the Covid reshuffle continues to temper, sales are down compared to February of 2020 and 2021, but up from 2019 levels.
LISTINGS & SALES
Buyers signed 10.5 percent fewer purchase agreements than last year and closed on 15.3 percent fewer homes. Since 2020, seller activity has remained especially sluggish—the 4,427 new listings are 18.2 percent fewer than February 2020. While the seasonal uptick toward spring market has begun, it may prove challenging to match activity levels from the prior two years, as the pandemic and the prospect of rising rates shifted activity up from 2022 and 2023 into 2020 and 2021 to accommodate working and learning from home.
“Homes sold more quickly last month than they did last February, and prices rose over 8.0 percent,” said Denise Mazone, President of Minneapolis Area REALTORS®. “While we may not reach the heights of 2020 and 2021, the market remains competitive, homes are still selling rapidly often with multiple bids, and buyers and sellers need to be prepared to move quickly.” Market times have been falling for years, but today’s listings spend even less time on the market. Two years ago, half of the listings went under contract in under 40 days, but last month, half of the listings spent fewer than 19 days on the market. That’s more than a 52.0 percent drop.
HOME PRICES & INVENTORY
The median sales price in the Twin Cities rose 8.3 percent from last February to $340,000. That’s exactly half the 16.6 percent year-over-year rate of price growth seen in May 2021. Rising prices are expected to continue in a persistently undersupplied market with historically strong demand. The Twin Cities presently has about three week’s supply of inventory (0.8 months), where a balanced market would supply four to six months’ worth of homes given recent demand.
Inventory levels dipped 19.0 percent from this time last year. Compounded with a 38.2 percent fall from 2020 to 2021, the metro is facing an inventory shortage that should keep prices strong, market times fast, multiple offers fairly commonplace and some sellers getting above asking price. “Homeowners have gained significant equity, particularly over the last few years,” according to Mark Mason, President of the Saint Paul Area Association of REALTORS®. “Having a knowledgeable advisor to navigate a fast and complex process can help buyers be more competitive and successful.”
LOCATION & PROPERTY TYPE
Market activity varies by area, price point and property type. New construction sales fell 15.5 percent compared to only a 12.2 percent dip in sales of previously owned homes. Single family sales tumbled 9.8 percent while condo sales were down an even 10.0 percent. Between Minneapolis and St. Paul, the latter took the harder hit in sales losses. Saint Paul’s sales were 24.8 percent down compared to Minneapolis’ loss of 15.1 percent. Hastings, Delano and Rush City all had more than double the sales from last year while Hugo, Little Canada and East Bloomington weren’t far behind. Sales fell by around 50.0 percent in Prior Lake, New Hope, Big Lake and Golden Valley.
February 2022 by the numbers compared to a year ago
- Sellers listed 4,427 properties on the market, a 7.3 percent decrease from last February
- Buyers signed 3,809 purchase agreements, down 10.5 percent (2,769 closed sales, down 15.3 percent)
- Inventory levels fell 19.0 percent to 4,361 units
- Month’s Supply of Inventory was down 20.0 percent to 0.8 months (4-6 months is balanced)
- The Median Sales Price rose 8.3 percent to $340,000
- Days on Market fell 8.7 percent to 42 days, on average (median of 19 days, down 5.0 percent from February 2021)
- Changes in Sales activity varied by market segment
- Condo sales fell 16.0 percent, single family sales fell 14.8 percent & townhouse sales fell 4.6 percent
- Traditional sales were down 12.6 percent; foreclosure sales were down 44.4 percent; short sales fell 100.0 percent
- Previously owned sales dropped 12.6 percent; new construction sales decreased by 15.9 percent
February 2022 housing charts
From The Skinny Blog.
Weekly Market Report
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.
Weekly Market Report
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.
Weekly Market Report
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.
January Monthly Skinny Video
For many buyers, 2022 marks a new opportunity to make their home purchase dreams a reality. But it won’t be without its challenges.
Inventory of existing homes was at 910,000 at the start of the new year, the lowest level recorded since 1999, and competition remains fierce.
Pending Sales decreased 13.0 percent from January 2021 to 3,122 for the month. Closed Sales decreased 16.7 percent from January 2021 to 2,810 for the month. Inventory levels market-wide decreased 30.1 percent to 3,894 units.
Weekly Market Report
For Week Ending February 12, 2022
Freddie Mac reports the 30-year fixed-rate mortgage averaged 3.69% the week ending February 10, up 14 basis points from a week earlier and a full point higher than the record low of 2.65% at the beginning of 2021. Rising interest rates and increasing housing prices continue to impact affordability, and buyer sentiment is softening as a result, with the mortgage application Purchase Index falling 7% from the same week last year, according to the Mortgage Bankers Association.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 12:
- New Listings decreased 12.1% to 1,040
- Pending Sales decreased 9.1% to 910
- Inventory decreased 20.0% to 4,371
FOR THE MONTH OF JANUARY:
- Median Sales Price increased 10.6% to $332,950
- 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.
Twin Cities Housing Market Starts off the Year Slowly, For Now
- Metro-wide Inventory is down 24.2 percent since the start of 2021
- Month’s Supply of Inventory (absorption rate) is at a record low, ~ 3 weeks of supply
- Median Sales Price rose 10.4 percent to $332,250
(February 15, 2022) – According to new data from Minneapolis Area REALTORS® and the Saint Paul Area Association of REALTORS®, inventory levels in the Twin Cities metropolitan area have reached a decades-long low of 4,221 homes at the end of January. At the current rate of demand, this inventory would last little more than three weeks without the addition of new listings. The market would require six months of supply in order to be considered balanced.
LISTINGS & SALES
Real estate in the Twin Cities saw a peak of buyer activity throughout 2021, but only now are we able to see the extent of that increased demand. Year over year comparisons of pending sales indicate a noticeable drop of 11.7 percent from last January, but a more historical perspective shows that the 3,170 purchase agreements signed last month are comparable to January of 2019 and 2018. Closed sales show a similar picture, 2022 is not starting off with the same fervor as 2021. The same goes for sellers, resulting in an 11.5 percent drop in supply since last January.
“The year began about as expected, with both sales and listings unable to match their year-ago levels,” said Denise Mazone, President of Minneapolis Area REALTORS®. “But don’t get the wrong idea, the market is expected to remain pretty hot this year as demand continues to outpace supply but also as buyers hope to get ahead of rising rates.”
INVENTORY
While the supply of new listings has historically been a concern for over a decade, the public could usually count on consistent year-over-year activity from sellers until 2020. A sharp fall in supply two summers ago followed by a rebound in 2021 led to variations in seller activity unseen since 2015. Last month sellers listed 3,605 properties on the market, our lowest level of seller activity since 2005.
“It’s important that market participants understand what less than 1.0 month of supply means,” according to Mark Mason, President of the Saint Paul Area Association of REALTORS®. “This means well-priced and attractive listings will sell quickly and often with multiple offers in play. Buyers should be patient but prepared to write strong, non-contingent offers while sellers should be ready to move quickly.”
HOME PRICES
The stark contrast between lackluster seller activity and the remaining rush of demand from buyers leaves the Twin Cities with a housing market where half of its listings last no longer than 21 days, down 4.5 percent from a year prior. This strong seller’s market has driven up the price of listings, now at $332,250 which is the highest January median sales price on record. These market dynamics, if left unchanged, show signs of high market prices and stiff competition for buyers as the weather warms.
LOCATION & PROPERTY TYPE
Market activity varies by area, price point and property type. The condominium market has seen a significant increase in the past year, yet January was the first significant drop in the number of condo sales, down 11.5 percent. New construction has hit a downward trend since last summer and this trend continues with a 6.8 percent decrease in sales. Between Minneapolis and St. Paul, the state capitol city fared better for the first month of the year, seeing a 2.3 percent increase in closed sales while Minneapolis experienced a 16.1 percent drop in sales. The suburban cities that showed the most sales growth in January were Savage (100 percent), Chanhassen (50.0 percent), and Stillwater (45.5 percent) while those that lost the most sales from last year were West Bloomington (- 43.9 percent), Lakeville (- 43.0 percent), and St. Louis Park (- 41.7 percent).
January 2022 by the numbers compared to a year ago
-
- Sellers listed 3,605 properties on the market, an 11.5 percent decrease from last January
- Buyers signed 3,170 purchase agreements, down 11.7 percent (3,020 closed sales, down 10.4 percent)
- Inventory levels fell 24.2 percent to 4,221 units at month-end
- Months Supply of Inventory was down 20.0 percent to 0.8 months (4-6 months is balanced)
- The Median Sales Price rose 10.4 percent to $332,250
- Days on Market fell 2.4 percent to 41 days, on average (median of 21 days, down 4.5 percent from January 2021)
- Changes in Sales activity varied by market segment
- Single family sales fell 11.0 percent; Condo sales declined 11.5 percent & townhouse sales were down 4.5 percent
- Traditional sales decreased 9.3 percent; foreclosure sales tumbled 32.4 percent; short sales fell 69.2 percent
- Previously owned sales were 9.9 percent lower; new construction sales were 6.8 percent lower
January 2022 housing charts
Weekly Market Report
For Week Ending February 5, 2022
Despite falling temperatures and a surge in COVID-19 cases across the country, the U.S. real estate market remains active, with homes selling in record time due to robust buyer demand and a shortage of housing options. With inventory down 28.4% compared to a year ago, the average home spent just 61 days on the market in January, a 14% drop from last year and the fastest pace of any January on record, according to Realtor.com’s monthly housing report.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING FEBRUARY 5:
- New Listings decreased 15.3% to 1,018
- Pending Sales decreased 19.1% to 883
- Inventory decreased 21.2% to 4,341
FOR THE MONTH OF DECEMBER:
- Median Sales Price increased 8.0% to $331,420
- Days on Market decreased 12.8% to 34
- Percent of Original List Price Received decreased 0.2% to 99.5%
- Months Supply of Homes For Sale decreased 18.2% to 0.9
All comparisons are to 2021
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
- « Previous Page
- 1
- …
- 19
- 20
- 21
- 22
- 23
- …
- 51
- Next Page »
Licensed In Minnesota