News – Page 44

October 8, 2018

Weekly Market Report

For Week Ending September 29, 2018

The U.S. unemployment rate recently dropped to 3.7 percent, which is its lowest mark since December 1969. The economy continues to bear impressive fruit within and outside of residential real estate, and the Federal Reserve has reacted by raising the benchmark federal funds rate by a quarter of a percentage point, the third rate hike of 2018. While this may be undesirable news for those carrying high credit debt, it is also a reflection of a bright economic outlook.

In the Twin Cities region, for the week ending September 29:

New Listings increased 15.0% to 1,592
Pending Sales decreased 6.3% to 1,123
Inventory decreased 4.7% to 12,653

For the month of August:

Median Sales Price increased 6.3% to $268,000
Days on Market decreased 16.7% to 40
Percent of Original List Price Received increased 0.7% to 99.2%
Months Supply of Inventory remained flat at 2.6

All comparisons are to 2017

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

October 1, 2018

Filed Under: Weekly Report

Weekly Market Report

For Week Ending September 22, 2018

Seven years ago, FICO conducted a survey of bankers that concluded that home prices would not recover until 2020. While roughly one million people are still considered underwater in terms of home value, many people would consider the housing industry to not only be fully recovered but flying forward toward unprecedented price points. While high prices may soon begin to turn buyers off, it will be interesting to see if there is a measurable slowdown in real estate activity versus a natural shift to balanced prices.

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

New Listings increased 6.1% to 1,555
Pending Sales increased 3.0% to 1,156
Inventory decreased 5.3% to 12,632

For the month of August:

Median Sales Price increased 6.3% to $268,000
Days on Market decreased 16.7% to 40
Percent of Original List Price Received increased 0.7% to 99.2%
Months Supply of Inventory decreased 3.8% to 2.5

All comparisons are to 2017

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

September 27, 2018

Filed Under: Monthly Skinny Video

August Monthly Skinny Video

“Sales were up compared to last year”

September 24, 2018

Filed Under: Weekly Report

Weekly Market Report

For Week Ending September 15, 2018

The kids are tucked into schools, harvest festivals and fall equinox parties are underway, and residential real estate markets are entering a new season with strong fundamentals and healthy levels of activity. While it is sensible to monitor reputable news sources that report on housing with respectable statistics to back claims, it is also important to stay grounded in the reality that we continue to enjoy a prosperous time in real estate.

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

New Listings increased 19.5% to 1,836
Pending Sales increased 4.8% to 1,195
Inventory decreased 6.3% to 12,475

For the month of August:

Median Sales Price increased 6.3% to $268,000
Days on Market decreased 16.7% to 40
Percent of Original List Price Received increased 0.7% to 99.2%
Months Supply of Inventory decreased 3.8% to 2.5

All comparisons are to 2017

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

September 20, 2018

Filed Under: The Skinny

Gung-Ho Sellers Post Largest Increase in Nearly Three Years

By David Arbit on Wednesday, September 19th, 2018

More sellers are feeling optimistic about listing their homes just as humidity, cabin weekends and food-on-a-stick give way to rakes, school buses and sweater vests. Compared to last August, Twin Cities sellers listed 7.6 percent more homes on the market. That was the largest increase since late-2015. Although buyers signed 2.9 percent fewer contracts than last year, they did manage to close on slightly more deals. Three of the last four months had increases in new listings; three of the last four months had decreases in pending sales. This trend of rising seller activity and moderating buyer activity suggests we could be approaching those long-awaited inventory gains. Sure enough, the 7.8 percent decline was the smallest decrease in inventory in over three years. Months supply was down just 3.8 percent to 2.5 months.

That said, today’s buyers still face plenty of competition over limited supply. Sellers yielded an average of 99.2 percent of their original list price and 100.1 percent of their current list price, illustrating how drastically undersupplied markets tend to favor sellers. The shortage is especially noticeable at the entry-level prices, where multiple offers and homes selling for over list price have become commonplace. The move-up and upper-bracket segments are less competitive and—for the most part—much better supplied. The market remains relatively tight, but there are some early signs that things could be loosening up for buyers.

August 2018 by the Numbers (compared to a year ago)
• Sellers listed 7,814 properties on the market, a 7.6 percent increase
• Buyers closed on 6,629 homes, a 0.2 percent increase from last August
• Inventory levels for August fell 7.8 percent compared to 2017 to 12,243 units
• Months Supply of Inventory was down 3.8 percent to 2.5 months
• The Median Sales Price rose 6.3 percent to $268,000, a record high for August
• Cumulative Days on Market declined 16.7 percent to 40 days, on average (median of 21)
• Changes in Sales activity varied by market segment

o Single family sales fell 0.8 percent; condo sales rose 15.3 percent; townhome sales increased 1.1 percent
o Traditional sales rose 1.5 percent; foreclosure sales sank 35.4 percent; short sales dropped 31.3 percent
o Previously-owned sales were down 0.5 percent; new construction sales increased 20.9 percent

From The Skinny Blog.

September 17, 2018

Filed Under: Weekly Report

Weekly Market Report

For Week Ending September 8, 2018

Changing demographics, income levels, corporate growth and natural disasters all affect residential real estate markets. Home prices in Seattle and San Francisco have increased amidst e-commerce and technology success stories, while listings and sales decline precipitously when a hurricane strikes. This week, we are reminded of the destruction delivered by Hurricane Harvey to Houston at this time last year. From Katrina to Sandy to Maria to Florence, housing markets have bent but remain unbroken.

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

New Listings increased 3.8% to 1,755
Pending Sales decreased 2.3% to 1,048
Inventory decreased 7.2% to 12,213

For the month of August:

Median Sales Price increased 6.3% to $268,000
Days on Market decreased 16.7% to 40
Percent of Original List Price Received increased 0.7% to 99.2%
Months Supply of Inventory decreased 3.8% to 2.5

All comparisons are to 2017

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

September 10, 2018

Filed Under: Weekly Report

Weekly Market Report

For Week Ending September 1, 2018

At this time of year, there tends to be a final push to get a housing deal done before a natural switch in focus toward the likes of back-to-school needs, home preparation for colder weather and even pre-planning for winter holiday and leisure travel. Although there doesn’t appear to be a huge national increase in sales compared to last year, there also isn’t any overt let-down. Residential real estate is healthy now and should continue to be healthy into the fall and winter seasons.

In the Twin Cities region, for the week ending September 1:

New Listings decreased 1.4% to 1,291
Pending Sales increased 0.4% to 1,217
Inventory decreased 7.6% to 12,438

For the month of July:

Median Sales Price increased 6.6% to $268,000
Days on Market decreased 17.4% to 38
Percent of Original List Price Received increased 0.7% to 99.8%
Months Supply of Inventory decreased 7.4% to 2.5

All comparisons are to 2017

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

September 4, 2018

Filed Under: Weekly Report

Weekly Market Report

For Week Ending August 25, 2018

In both academic and conversational circles, more people are beginning to discuss 2018 as the end of the freewheeling days of residential real estate – with its high prices and fast sales, site unseen. Such a portrayal of the last several years of the housing market are sensationalistic at best, patently false at worst. It is true that median sales prices have risen and total days on market have lessened. This prevailing market trend has occurred gradually, and so shall the next trend.

In the Twin Cities region, for the week ending August 25:

New Listings increased 12.5% to 1,686
Pending Sales decreased 7.6% to 1,179
Inventory decreased 9.0% to 12,378

For the month of July:

Median Sales Price increased 6.6% to $268,000
Days on Market decreased 17.4% to 38
Percent of Original List Price Received increased 0.7% to 99.8%
Months Supply of Inventory decreased 7.4% to 2.5

All comparisons are to 2017

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

August 27, 2018

Filed Under: Weekly Report

Weekly Market Report

For Week Ending August 18, 2018

It has been another busy summer for residential real estate. The lower supply, higher prices, faster sales mantra has remained in place for most of the nation for the entirety of the year – which heightened in intensity during the summer sales season – but there has been some conversation about the possibility of more supply and lower prices. Presently, it is just conversation, as the numbers are not reflective of a shift in trend lines anytime soon.

In the Twin Cities region, for the week ending August 18:

New Listings increased 6.2% to 1,759
Pending Sales decreased 10.2% to 1,215
Inventory decreased 10.9% to 12,207

For the month of July:

Median Sales Price increased 6.6% to $268,000
Days on Market decreased 17.4% to 38
Percent of Original List Price Received increased 0.7% to 99.8%
Months Supply of Inventory decreased 11.1% to 2.4

All comparisons are to 2017

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

August 23, 2018

Filed Under: Monthly Skinny Video

July Monthly Skinny Video

“The chatter about housing price bubbles have increased this summer as observers attempt to predict the next shift in the residential real estate market.”