Category Archives: NEWS

Market Activity Report

For Week Ending March 16, 2019
The Federal Reserve recently announced that interest rates will remain steady and that further rate hikes are not planned for 2019. Given that the federal funds rate has increased nine times over the past three years, this is welcome news for consumers carrying high credit card balances. The overall economy, inflation and Fed actions also have an effect on mortgage rates, so it is generally good news when rate hikes are paused, especially when total sales are dropping in many parts of the nation.

In the Twin Cities region, for the week ending March 16th (All comparisons are to 2018):

  • New Listings decreased 12.2% to 1,374
  • Pending Sales decreased 20.8% to 976
  • Inventory decreased 5.8% to 8,273

For the month of February:

  • Median Sales Price increased 6.2% to $265,500
  • Days on Market remain flat at 69
  • Months Supply of Homes For Sale remained flat at 1.7
* All data from NorthstarMLS. Provided by the Minneapolis Area Association of REALTORS®. Report © 2019 ShowingTime.

Market Activity Report

For Week Ending January 26, 2019
The unemployment rate rose to 4.0 percent last month, a seven-month high. This may prove to be a forgettable blip, as other economic indicators are showing continued strength in the job force, including 100 straight months of employment gains punctuated by the most hiring in 11 months. The construction sector had its best month of employment since last February. With the Fed holding off on further interest rate increases, 2019 is beginning favorably for residential real estate.

In the Twin Cities region, for the week ending January 26th (All comparisons are to 2018):

  • New Listings increased 6.1% to 938
  • Pending Sales increased 5.5% to 783
  • Inventory increased 2.9% to 8,100

For the month of December:

  • Median Sales Price increased 4.0% to $258,000
  • Days on Market decreased 6.6% to 57
  • Months Supply of Homes For Sale increased 13.3% to 1.7
* All data from NorthstarMLS. Provided by the Minneapolis Area Association of REALTORS®. Report © 2019 ShowingTime.

Market Activity 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 (All comparisons are to 2017):

  • New Listings increased 6.1% to 1,555
  • Pending Sales decreased 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 Homes For Sale decreased 3.8% to 2.5
* All data from NorthstarMLS. Provided by the Minneapolis Area Association of REALTORS®. Report © 2018 ShowingTime.

Market Activity 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 24 (All comparisons are to 2017):

  • 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 Homes For Sale decreased 7.4% to 2.5
* All data from NorthstarMLS. Provided by the Minneapolis Area Association of REALTORS®. Report © 2018 ShowingTime.

Market Activity 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 (All comparisons are to 2017):

  • 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 Homes For Sale decreased 7.4% to 2.5
* All data from NorthstarMLS. Provided by the Minneapolis Area Association of REALTORS®. Report © 2018 ShowingTime.