“Sales were up compared to last year”
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.
Gung-Ho Sellers Post Largest Increase in Nearly Three Years
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
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.
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.
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.
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
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
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.”
Weekly Market Report
For Week Ending August 11, 2018
The U.S. housing market is becoming a tale of regions. Consumers in high-priced markets in the West are pushing back with fewer showings and sales. The Midwest is marked mostly by stability of new listings and sales with gently improving inventory. Many Northeast markets have routinely struggled to keep pace with the overall U.S. economic recovery. And the South is enjoying more showings and sales than the rest of the nation. Here’s what’s happening in the local market.
In the Twin Cities region, for the week ending August 11:
- New Listings increased 7.5% to 1,825
- Pending Sales decreased 2.5% to 1,242
- Inventory decreased 10.7% to 12,095
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.
Sales Flatten while Sellers Capitalize on Price Gains
By David Arbit on Thursday, August 16th, 2018
New listings increased this July compared to last year, which could hint at a flurry of sellers looking to take advantage of this strong market. July marked the second increase in seller activity since November 2017. Meanwhile, buyer activity flattened out after seven months of year-over-year declines. This trend of rising seller activity and moderating buyer activity could mean more inventory coming down the pipeline. Increasing seller activity combined with a cool-down in demand is consistent with a loosening marketplace. That said, buyers shopping this summer and fall will still face stiff competition. Cooling buyer activity is likely a reflection of the shortage of homes for sale. Sellers yielded an average of 99.8 percent of their original list price and 100.6 percent of their current list price, illustrating how undersupplied markets tend to favor those with something to sell. The shortage is especially noticeable at the entry-level prices, where multiple offers and homes selling for over list price have become increasingly common. The move-up and upper-bracket segments are less competitive and better supplied. The market remains relatively tight, but there are some early signs that things could be loosening up to provide relief to buyers.
July 2018 by the Numbers (compared to a year ago)
Sellers listed 7,671 properties on the market, a 4.1 percent increase
Buyers closed on 6,242 homes, almost dead-even with last July
Inventory levels for July fell 13.5 percent compared to 2017 to 11,709 units
Months Supply of Inventory was down 11.1 percent to 2.4 months
The Median Sales Price rose 6.6 percent to $268,000, a record high for July
Cumulative Days on Market declined 17.4 percent to 38 days, on average (median of 18)
Changes in Sales activity varied by market segment
Single family sales fell 1.8 percent; condo sales rose 13.4 percent; townhome sales increased 5.2 percent
Traditional sales rose 1.2 percent; foreclosure sales sank 39.3 percent; short sales dropped 23.3 percent
Previously-owned sales were even with last year; new construction sales increased 14.0 percent