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Posts Tagged ‘buyer’

Real Estate Weekly Update
May 2, 2011

For the week ending April 23, New Listings in the Twin Cities were down 30.7 percent from the same week last year. A total of 1,487 new homes entered the marketplace, representing 16 consecutive weeks of double-digit year-over-year declines for New Listings.

Pending Sales were down 25.2 percent to 886 purchase agreements signed, representing 10 consecutive weeks of double-digit year-over-year declines in Pending Sales.

Inventory levels dipped briefly at this time last year, which helped to end 11 consecutive weeks of progressively growing year-over-year inventory declines. At 22,917 Active Listings for Sale, there are 13.0 percent fewer homes for sale than at this time last year.

As last year’s tax credit-induced spike in market activity migrates through our lens, the story should change significantly. In the coming weeks, the numbers will show gains
over the post-tax-credit period instead of the year-over-year declines to which we’ve
grown accustomed.

Statistics provided by the Minneapolis Area Association of Realtors.

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Real Estate Weekly Update
February 14, 2011

Home sales in the Twin Cities metro are holding steady as the spring market approaches but will not match 2010’s meteoric rise in sales brought about by the federal home-buyer tax credit. For the week ending February 5, there were 639 signed purchase agreements, a drop of 18.1 percent from the same week last year. The 3-month average for Pending Sales shows a 6.5 decrease compared to a year ago, dropping from 7,081 to 6,619.

The number of New Listings coming on the market is also behind last year’s increased pace. The 1,343 new properties listed during the same reporting week represent a decline of 27.3 percent from a year ago.

Less listing activity is understandable given the challenging conditions awaiting home sellers. The Average Days on Market Until Sale metric is growing, while Percent of Original Price Received is shrinking—both signs of buyer negotiating power.

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Weekly Market Activity Report

Home sales in the Twin Cities housing market took another dip as the hangover from the tax credit expiration continued. For the week ending May 22, there were 624 pending sales, a precipitous drop of 42.5 percent from a year ago.

The biggest drops in sales since the credit ended can be seen in the traditional seller market (i.e., anything that’s not a foreclosure or short sale) and in the middle price ranges from $150,000 to $350,000. Pending sales have dropped in those ranges from 1,085 the week the credit ended to 384 for the week ending May 22. In sum, it may be a difficult summer market for home sellers.

The good news is that new supply is also slowing, which means the market
is already self-correcting to avoid a surge in unneeded inventory. New listings fell to 1,581 for the same reporting week, a decline of 15.8 percent from this time last year.

The Supply-Demand Ratio has been updated for June and shows a figure of 5.05, which means there are 5.05 homes for sale for each buyer in the month. That’s a 10.9 percent increase over the mark seen a year ago and is a result of the decline in buyer activity.

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