Monday, July 29th, 2019
For Week Ending July 20, 2019

Residential real estate markets across the nation have been performing quite well at this point in the year in terms of home sales, price and inventory. Although not always true at every price point and home type in every geography, the general rule of thumb in 2019 as we stretch beyond the halfway point of the year has been a trend of relative market balance, which is a great thing for both real estate professionals and consumers.

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

  • New Listings decreased 2.4% to 1,883
  • Pending Sales decreased 3.6% to 1,342
  • Inventory decreased 2.8% to 12,005

For the month of June:

  • Median Sales Price increased 7.2% to $290,000
  • Days on Market increased 2.5% to 41
  • Percent of Original List Price Received decreased 0.3% to 100.0%
  • Months Supply of Homes For Sale increased 4.0% to 2.6

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Posted in Weekly Report |
Monday, July 22nd, 2019

For Week Ending July 13, 2019

Every year during the week of Independence Day, real estate markets across the country slow down as buyers, sellers and real estate professionals take some time off during the height of summer to spend time with friends and family. This year continued that tradition, except that new listings declined a little more and pending sales rose a little more. This is of particular interest because that is the exact dynamic that will keep prices on the rise.

In the Twin Cities region, for the week ending July 13:

  • New Listings increased 0.5% to 2,227
  • Pending Sales increased 0.3% to 1,470
  • Inventory decreased 2.1% to 11,759

For the month of June:

  • Median Sales Price increased 7.2% to $290,000
  • Days on Market increased 2.5% to 41
  • Percent of Original List Price Received decreased 0.3% to 100.0%
  • Months Supply of Homes For Sale remained flat at 2.5

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Posted in Weekly Report |
Monday, July 22nd, 2019
July 18, 2019

In the face of mixed signals, assessing market health can be a challenge. The economy remains healthy, mortgage rates are outrageously low and yet sales aren’t rising. That’s in part because we simply haven’t built enough homes to keep pace with the demand. Despite attractive mortgage rates, the supply of available homes is so tight that sales are struggling to keep pace. Rising home prices typically incentivize more sellers to list. But with nowhere to go because of the shortage, listing activity is down. New construction has been hampered by rising land, labor and material prices as well as regulation, forcing builders to create new supply in the high-end luxury market often at the expense of more affordable entry-level product. But the demand from millennials (and some baby boomers) is concentrated in the affordable price points, creating multiple-offers and frustrated buyers.

But it’s that tight inventory that’s still driving prices higher. Sales prices reached a new all-time high of $290,000 in June—likely our high for the year. New listings stumbled 3.1 percent while pending sales were down 2.9 percent. Days on market remained flat compared to June 2018 while the ratio of sold to list price fell for a fifth consecutive month. In some ways, the market is improving for buyers, even though sellers are still enjoying strong pricing power, favorable negotiating leverage and quick market times. For the last nine months, buyers have seen more active listings for sale than the year prior. We still have a tale of two markets: strong demand, weak supply and price growth in the affordable brackets compared to a slight oversupply, slow market times and weaker pricing in the upper brackets.


June 2019 by the Numbers (compared to a year ago)

  • Sellers listed 8,473 properties on the market, a 3.1 percent decrease from last June
  • Buyers closed on 6,604 homes, an 8.2 percent decline
  • Inventory levels decreased 1.3 percent from last June to 12,063 units
  • Months Supply of Inventory was flat at5 months
  • The Median Sales Price rose 7.2 percent to $290,000, a record high for any month
  • Cumulative Days on Market remained stable at 40 days, on average (median of 16)
  • Changes in Sales activity varied by market segment
    • Single family sales fell 7.5 percent; condo sales fell 13.3 percent; townhome sales decreased 6.1 percent
    • Traditional sales declined 6.8 percent; foreclosure sales dropped 46.4 percent; short sales fell 48.1 percent
    • Previously owned sales were down 8.1 percent; new construction sales rose 2.0 percent

Quotables

“The market is quiet right now, not every month shows significant change. Inventory is low, buyer demand is still evident and interest rates are phenomenal,” said Todd Urbanski, President of Minneapolis Area REALTORS®. “The untold story is the increase in net worth for homeowners. Rising prices mean rising equity. It can be a challenge to find a home, but homeownership is the best avenue to wealth-building.”

“The idea of the ‘housing market’ as a singular entity can be misleading,” said Linda Rogers, President-Elect of Minneapolis Area REALTORS®. “Cities, neighborhoods and different segments can often show tremendous variation.”
From The Skinny Blog.

Posted in The Skinny |
Monday, July 15th, 2019
For Week Ending July 6, 2019

The order of the day is market balance between buyer and seller interests. While true that there may not be as many homes for sale to choose from and that prices are on the high end for the average first-time home buyer, there are considerations for sellers as well. Such as, more markets are swinging toward the back side of balance with fewer sales leading to some amount of downward price pressure from a beleaguered buyer core that is becoming less willing to overreach.

In the Twin Cities region, for the week ending July 6:

  • New Listings decreased 16.0% to 1,006
  • Pending Sales increased 11.5% to 1,187
  • Inventory increased to 12,074

For the month of June:

  • Median Sales Price increased 7.2% to $290,000
  • Days on Market increased 2.5% to 41
  • Percent of Original List Price Received decreased 0.3% to 100.0%
  • Months Supply of Homes For Sale remained flat at 2.5

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Posted in Weekly Report |
Monday, July 8th, 2019
For Week Ending June 29, 2019

The summer selling season is progressing with plenty of buying and selling activity thus far, thanks to a healthy economy that has consumers willing to spend their hard-earned money on the things they desire, even if it’s more expensive than it was a few years ago. This has proven to be true in several sectors, whether retail, travel or even housing, the most expensive purchase most people will ever make in their lives.

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

  • New Listings increased 0.4% to 1,878
  • Pending Sales decreased 5.0% to 1,498
  • Inventory decreased 0.3% to 12,083

For the month of May:

  • Median Sales Price increased 5.2% to $285,000
  • Days on Market decreased 4.3% to 45
  • Percent of Original List Price Received decreased 0.2% to 100.0%
  • Months Supply of Homes For Sale increased 4.3% to 2.4

All comparisons are to 2018

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Posted in Weekly Report |

User Registration

Forgot Password?
Back To Login

Enter E-mail: