For Week Ending July 7, 2018

As prices persistently rise and months of supply decrease in year-over-year comparisons, it continues to be an ideal time for more sellers to enter the market. Across the U.S., inventory levels are still lagging behind last year, but new listings have perked up nicely so far this year. This has been coupled with many announced new home-building projects across the nation and a more positive tone from the building community.

In the Twin Cities region, for the week ending July 7:

• New Listings decreased 14.6% to 1,192
• Pending Sales decreased 10.6% to 1,018
• Inventory decreased 14.6% to 11,344

For the month of June:

• Median Sales Price increased 5.3% to $271,000
• Days on Market decreased 16.7% to 40
• Percent of Original List Price Received increased 0.8% to 100.3%
• Months Supply of Inventory decreased 14.8% to 2.3

All comparisons are to 2017

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

For Week Ending June 30, 2018

The unemployment rate rose to 4.0 percent in June 2018, marking the first increase in nearly a year. Economic forecasters are calling this a healthy increase indicative of more people being counted as entering the work force in an exceptional job market that added more than 213,000 paying jobs in June. Strong demand for workers combined with low supply creates upward pressure on wages. Employed people with higher wages are generally good for residential real estate.

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

• New Listings increased 15.1% to 1,864
• Pending Sales increased 1.1% to 1,519
• Inventory decreased 16.5% to 11,374

For the month of May:

• Median Sales Price increased 8.3% to $270,750
• Days on Market decreased 9.6% to 47
• Percent of Original List Price Received increased 0.7% to 100.2%
• Months Supply of Inventory decreased 12.0% to 2.2

All comparisons are to 2017

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

For Week Ending September 17, 2016

As temperatures start to cool throughout the country, the total number of home sales will cool as well, as is the seasonal nature of the housing market. But with household incomes on the rise within a healthy job market, that doesn’t necessarily equate to a downward year-over-year trend. Continuing supply restrictions will certainly have an effect on numbers that may otherwise obviously point toward sunny day real estate.

In the Twin Cities region, for the week ending September 17:

• New Listings decreased 0.9% to 1,603
• Pending Sales decreased 1.5% to 1,079
• Inventory decreased 17.3% to 14,177

For the month of August:

• Median Sales Price increased 5.6% to $237,500
• Days on Market decreased 14.1% to 55
• Percent of Original List Price Received increased 0.8% to 97.9%
• Months Supply of Inventory decreased 21.6% to 2.9

All comparisons are to 2015

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

For Week Ending September 10, 2016

During a point in time when record-low mortgage rates should be coercing new home buyers into the market, many potential first-time buyers are seemingly not able to afford what is on the market. As labor costs and demand grow, and as a construction labor shortage continues, builders tend toward building more expensive homes, creating a tight supply of entry-level homes. Not all situations match this scenario, but it is certainly an interesting time in the residential real estate marketplace.

In the Twin Cities region, for the week ending September 10:

• New Listings increased 11.0% to 1,722
• Pending Sales decreased 2.0% to 954
• Inventory decreased 17.4% to 14,011

For the month of August:

• Median Sales Price increased 5.6% to $237,500
• Days on Market decreased 14.1% to 55
• Percent of Original List Price Received increased 0.8% to 97.9%
• Months Supply of Inventory decreased 24.3% to 2.8

All comparisons are to 2015

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

For Week Ending September 3, 2016

Most market trends have been steadily the same for the bulk of 2016, and there’s not much reason to expect a change as we enter the last several months of the year. We have witnessed an overall drop in the number of days a home is on the market before sale, that sale price is generally higher than it used to be and there are fewer homes for sale. The one area of interest that we will be watching will be total sales being made. As the drop in inventory continues, it stands to reason that there will be fewer sales, but that has yet to consistently be the case.

In the Twin Cities region, for the week ending September 3:

• New Listings decreased 8.6% to 1,314
• Pending Sales decreased 6.9% to 1,114
• Inventory decreased 16.7% to 14,295

For the month of August:

• Median Sales Price increased 5.6% to $237,500
• Days on Market decreased 14.1% to 55
• Percent of Original List Price Received increased 0.8% to 97.9%
• Months Supply of Inventory decreased 24.3% to 2.8

All comparisons are to 2015

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

For Week Ending August 27, 2016

If residential real estate were a wager to close out the summer golf season, prospective buyers would still be waiting impatiently for prospective sellers to take the putt on the final hole. Yet inventory continues to shrink, as summer vacations end and kids return to school. If the taken putt were to somehow land in the cup and increase inventory, a legendary celebration would occur that might even make a golf course gopher dance.

In the Twin Cities region, for the week ending August 27:

• New Listings decreased 8.0% to 1,411
• Pending Sales increased 0.3% to 1,174
• Inventory decreased 17.0% to 14,454

For the month of July:

• Median Sales Price increased 6.6% to $239,900
• Days on Market decreased 14.3% to 54
• Percent of Original List Price Received increased 0.8% to 98.4%
• Months Supply of Inventory decreased 21.1% to 3.0

All comparisons are to 2015

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

For Week Ending August 20, 2016

While existing home sales have recently been down, new home sales are picking up across the nation, which, in turn, has coaxed an upward trend in building activity. Buyers are still showing a willingness to pay higher prices, and there are signs that many new homes being built are smaller starter homes, perfect for young adults entering the market.

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

• New Listings increased 5.6% to 1,575
• Pending Sales increased 2.0% to 1,251
• Inventory decreased 17.3% to 14,559

For the month of July:

• Median Sales Price increased 6.6% to $239,900
• Days on Market decreased 14.3% to 54
• Percent of Original List Price Received increased 0.8% to 98.4%
• Months Supply of Inventory decreased 21.1% to 3.0

All comparisons are to 2015

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