Category Archives: NEWS

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.

Market Activity Report

For Week Ending July 14, 2018
National indicators do not necessarily predict the local economy, but the national
trends can be a reliable gauge for what is happening with local residential real
estate. Case in point, the U.S. Bureau of Labor Statistics recently reported that
unemployment is relatively unchanged since last month. Meanwhile, a national
statistics release about housing starts indicates that housing starts are lower
nationwide, even as consumer spending on home goods purchases and
renovations are up.

In the Twin Cities region, for the week ending July 14 (All comparisons are to 2017):

  • New Listings increased 11.4% to 2,209
  • Pending Sales decreased 2.7% to 1,417
  • Inventory decreased 14.4% to 11,384

For the month of June:

  • Median Sales Price increased 5.2% to $270,750
  • Days on Market decreased 16.7% to 40
  • Percent of Original List Price Received increased 0.8% to 100.3%
  • Months Supply of Homes For Sale decreased 11.1% to 2.4
* All data from NorthstarMLS. Provided by the Minneapolis Area Association of REALTORS®. Report © 2018 ShowingTime.

Market Activity Report

For Week Ending June 9, 2018
The Federal Reserve recently increased the federal funds rate by 0.25 percent,
marking the second rate hike this year and seventh since late 2015. Two more 0.25
percent increases are expected by the end of the year. The 30-year mortgage rate
did not increase, yet Fed action can have an indirect effect on the housing market.
Buyers often react by trying to lock in at the current rate ahead of assumed future
higher rates. Educating consumers that the Fed rate and mortgage rates are not the
same can help curb panic buying.

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In the Twin Cities region, for the week ending June 9 (All comparisons are to 2017):

  • New Listings decreased 2.7% to 2,094
  • Pending Sales decreased 4.1% to 1,450
  • Inventory decreased 18.5% to 10,623

For the month of May:

  • Median Sales Price increased 8.4% to $271,000
  • Days on Market decreased 9.6% to 47
  • Percent of Original List Price Received increased 0.7% to 100.2%%
  • Months Supply of Homes For Sale decreased 12% to 2.2
* All data from NorthstarMLS. Provided by the Minneapolis Area Association of REALTORS®. Report © 2018 ShowingTime.

Market Activity Report

For Week Ending May 12, 2018

Inventory and days on market both continue to skim along at historic lows, while buyer demand is creating competitive purchase offer situations that are increasing the number of homes sold for more than the asking price. This practice is nothing new in more popular areas, but higher offers are becoming normal outside of the hottest cities and neighborhoods. Affordability is a challenge for some potential buyers, yet prices still rise in an environment of economic confidence.

In the Twin Cities region, for the week ending May 21 (All comparisons are to 2017):

  • New Listings decreased at 2,073
  • Pending Sales decreased 5.5% to 1,466
  • Inventory decreased 23.9% to 9,446

For the month of April:

  • Median Sales Price increased 8.9% to $266,750
  • Days on Market decreased 10.2% to 53
  • Percent of Original List Price Received increased 0.7% to 99.8%%
  • Months Supply of Homes For Sale decreased 20.8% to 1.9
* All data from NorthstarMLS. Provided by the Minneapolis Area Association of REALTORS®. Report © 2018 ShowingTime.

Weekly Market Activity Report

For Week Ending April 28, 2018
As with last spring, the home-purchasing season will be competitive this year. Demand is still strong, especially in light of rising mortgage rates. Savvy consumers will want to get into a home before rates go up again. Amidst an environment of low inventory, buyers need to remain watchful of new listings and make their offers quickly

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In the Twin Cities region, for the week ending April 28 (All comparisons are to 2017):

  • New Listings decreased 7.2% to 1,761
  • Pending Sales decreased 9.5% to 1,389
  • Inventory decreased 23.5% to 9,051

For the month of March:

  • Median Sales Price increased 9.8% to $258,000
  • Days on Market decreased 21.9% to 57
  • Percent of Original List Price Received increased 1.1% to 99.1%
  • Months Supply of Homes For Sale decreased 22.7% to 1.7
* All data from NorthstarMLS. Provided by the Minneapolis Area Association of REALTORS®. Report © 2018 ShowingTime.