For Week Ending June 10, 2017

New buyers wanting to make their first home purchase are finding that they would have to spend more of their monthly incomes in order to do so. Higher prices during the busiest months of the selling season are giving some buyers pause, which is partly due to low inventory and the slow-moving pace of new home construction. In addition, some would-be sellers are staying put instead of trying to find a replacement home in a competitive environment, which can further stall inventory growth.

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

• New Listings increased 2.3% to 2,102
• Pending Sales decreased at 1,442
• Inventory decreased 16.1% to 12,107

For the month of May:

• Median Sales Price increased 5.5% to $250,000
• Days on Market decreased 15.0% to 51
• Percent of Original List Price Received increased 0.9% to 99.5%
• Months Supply of Inventory decreased 17.2% to 2.4

All comparisons are to 2016

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

For Week Ending June 3, 2017

Whether or not new listings or total sales are up or down in week-to-week measures, there are two universal truths in residential real estate across the country at the moment: the market is quite active, and, thus, overall inventory is still trending downward compared to last year. That will likely be the case for the entirety of 2017, especially at the pace that homes are coming off the market.

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

• New Listings decreased 2.2% to 1,971
• Pending Sales increased 2.4% to 1,306
• Inventory decreased 16.0% to 11,870

For the month of April:

• Median Sales Price increased 6.3% to $245,500
• Days on Market decreased 20.5% to 58
• Percent of Original List Price Received increased 1.2% to 99.2%
• Months Supply of Inventory decreased 17.9% to 2.3

All comparisons are to 2016

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

For Week Ending May 27, 2017

The current situation for residential real estate is the ongoing situation for residential real estate. The market is active, and the trend lines are showing nothing out of a long-standing ordinary. There may not be as many homes for sale as one would like, and price increases are starting to make one look more closely at affordability, but real estate professionals are busy, and buyers and sellers are dancing in mutually beneficial transactional pairs.

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

• New Listings decreased 2.7% to 1,689
• Pending Sales decreased 13.9% to 1,439
• Inventory decreased 17.0% to 11,850

For the month of April:

• Median Sales Price increased 6.3% to $245,500
• Days on Market decreased 20.5% to 58
• Percent of Original List Price Received increased 1.2% to 99.2%
• Months Supply of Inventory decreased 17.9% to 2.3

All comparisons are to 2016

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

For Week Ending May 20, 2017

Mortgage rates have fallen to their lowest levels so far this year but remain above where they were last year at this time. The market has proven to be ready for higher rates, as many homes continue to sell rapidly, often above the asking price. As long as there is ample supply, which is not a given in every market, 2017 should continue to be a great year for residential real estate.

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

• New Listings decreased 6.5% to 2,059
• Pending Sales decreased 10.1% to 1,498
• Inventory decreased 17.0% to 11,671

For the month of April:

• Median Sales Price increased 6.4% to $245,750
• Days on Market decreased 20.5% to 58
• Percent of Original List Price Received increased 1.2% to 99.2%
• Months Supply of Inventory decreased 17.9% to 2.3

All comparisons are to 2016

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

For Week Ending May 13, 2017

The residential real estate story continues to revolve around the low supply of homes for sale, thus a surge in new homes being built would be a great thing to see. Existing home sale are at all-time highs in some areas; however, home builders have not been able to keep up with demand for new inventory replenishment. It will be interesting to see if this will improve after national manufacturing production had a large increase last month.

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

• New Listings decreased 4.1% to 2,034
• Pending Sales decreased 9.8% to 1,465
• Inventory decreased 17.8% to 11,464

For the month of April:

• Median Sales Price increased 6.5% to $246,000
• Days on Market decreased 20.5% to 58
• Percent of Original List Price Received increased 1.2% to 99.2%
• Months Supply of Inventory decreased 21.4% to 2.2

All comparisons are to 2016

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

For Week Ending May 6, 2017

As we get closer to summer, more houses are put up for sale, as tends to happen around this time each year. Yet it’s not as many homes for sale as 2016, and last year did not have as much available to buy as in 2015. The downward trend continues, which can have an affect on total sales. Homes listed when move-in ready and priced well are being snapped up quickly. In fact, despite lower inventory, many REALTORS® report that they are busier than last year and closing plenty of sales.

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

• New Listings increased 5.7% to 2,341
• Pending Sales decreased 4.4% to 1,507
• Inventory decreased 18.9% to 11,012

For the month of April:

• Median Sales Price increased 6.5% to $246,000
• Days on Market decreased 20.5% to 58
• Percent of Original List Price Received increased 1.2% to 99.2%
• Months Supply of Inventory decreased 21.4% to 2.2

All comparisons are to 2016

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

For Week Ending April 29, 2017

Much of the news surrounding the housing market is about climbing prices and continued decreases in inventory on a year-over-year basis. Although prices have been rising steadily, we are only now beginning to reach pre-recession price levels on a national basis, and that’s not the rule for all homes and communities. If demand stays strong, unemployment rates continue to dwindle and wages keep consumer confidence high, the market should remain active and interesting.

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

• New Listings increased 0.1% to 1,873
• Pending Sales decreased 9.6% to 1,443
• Inventory decreased 19.8% to 10,901

For the month of March:

• Median Sales Price increased 6.9% to $237,400
• Days on Market decreased 15.3% to 72
• Percent of Original List Price Received increased 1.3% to 98.1%
• Months Supply of Inventory decreased 19.2% to 2.1

All comparisons are to 2016

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

For Week Ending April 22, 2017

It is a lucrative time to sell a home, and it would appear that it will remain that way for the time being. Houses that show well and are priced correctly have been selling quickly, often at higher prices than asking. Thus far, buyers are proving to be resilient in 2017, keeping the home-purchasing momentum up even amidst the mounting competition that comes with the annual spring market.

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

• New Listings increased 4.7% to 2,037
• Pending Sales decreased 9.8% to 1,409
• Inventory decreased 21.5% to 10,625

For the month of March:

• Median Sales Price increased 6.9% to $237,400
• Days on Market decreased 15.3% to 72
• Percent of Original List Price Received increased 1.3% to 98.1%
• Months Supply of Inventory decreased 19.2% to 2.1

All comparisons are to 2016

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

For Week Ending April 15, 2017

In light of the low inventory and affordability situation this year, it was a good surprise to see existing home sales hit a national 10-year high. It isn’t a surprise, however, to see multiple offers on a home within a few days of being on the market. Buyer demand is high and will continue to be for the foreseeable future, so it was also welcome news that builder confidence and housing starts were up as well.

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

• New Listings decreased 17.8% to 1,612
• Pending Sales decreased 6.7% to 1,374
• Inventory decreased 20.1% to 10,574

For the month of March:

• Median Sales Price increased 7.0% to $237,500
• Days on Market decreased 14.1% to 73
• Percent of Original List Price Received increased 1.3% to 98.1%
• Months Supply of Inventory decreased 19.2% to 2.1

All comparisons are to 2016

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

For Week Ending April 8, 2017

With both inventory and months of supply struggling to keep up with demand, it will not be unusual to see some weeks where pending sales post a year-over-year decline, especially if new listings droop below the standards set during the prior year. Meanwhile, we can continue to expect to see sales prices forge their way upward and affordability shrink downward in what is expected to be a pleasant spring and summer for sellers.

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

• New Listings increased 1.4% to 2,013
• Pending Sales decreased 9.1% to 1,337
• Inventory decreased 21.7% to 10,188

For the month of March:

• Median Sales Price increased 7.0% to $237,500
• Days on Market decreased 14.1% to 73
• Percent of Original List Price Received increased 1.3% to 98.1%
• Months Supply of Inventory decreased 19.2% to 2.1

All comparisons are to 2016

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