Weekly Real Estate Update
February 27, 2012
The week left yet another trail of evidence leading back to a housing market on the mend. This time, the encouraging signs were even less clandestine. Nationally, both new and existing home sales enjoyed improvements. Even some December numbers were upwardly revised. New home sales have real and noticeable impacts on GDP, thus generating jobs and driving down unemployment. The overall bias for the entire U.S. is firmly toward balance. Locally, market activity was mostly positive. Spring will still be the major tell.
In the Twin Cities region, for the week ending February 18:
• New Listings decreased 7.1% to 1,256
• Pending Sales increased 28.6% to 899
• Inventory decreased 23.2% to 17,756
For the month of January:
• Median Sales Price decreased 3.4% to $140,000
• Days on Market decreased 8.5% to 142
• Percent of Original List Price Received increased 3.4% to 91.2%
• Months Supply of Inventory decreased 34.2% to 4.7
As reported by the Minneapolis Area Association of Realtors.
Real Estate Weekly Update
August 8, 2011
Despite the anxiety on Wall Street, home buyers on Main Street continued along their merry way. Twin Citizens entered into 1,029 purchase agreements, up 49.1 percent from the 690 seen during the same week in 2010. Sellers, conversely, introduced only 1,323 new properties to the market for a 15.8 percent decline from last year.
For buyers, that marks 12 consecutive weeks of double-digit increases in activity. For sellers, it marks eight consecutive weeks of declines in activity. Relatively strong sales coupled with subdued new listings has drawn down the inventory of actively marketed properties to 24,734. That’s a 17.9 percent decrease from last year at this time, the largest decline since November 2008.
Competitive pricing, low-interest rates and high affordability continue to support a favorable purchase environment for buyers; while strong sales and declining supply should eventually translate into fewer and less dramatic seller concessions. These trends will bring a greater sense of balance and normalcy to the marketplace.
Stats provided by the Minneapolis Area Association of Realtors.