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Real Estate Update
December 2, 2012

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Home buyers entered more contracts and homeowners listed more properties than during the same week of 2011. As a whole, 2012 is shaping up to be quite the pivotal year for housing. With 2013 right around the corner, the smart money is monitoring seller concessions, market times, absorption rates and, of course, home prices. The genius money is watching foreclosure listing and sales volumes, delinquency rates and showing activity.

In the Twin Cities region, for the week ending November 24:

• New Listings increased 0.7% to 607
• Pending Sales increased 12.8% to 608
• Inventory decreased 28.8% to 14,546

For the month of October:

• Median Sales Price increased 14.8% to $175,000
• Days on Market decreased 25.2% to 103
• Percent of Original List Price Received increased 3.5% to 94.5%
• Months Supply of Inventory decreased 39.6% to 3.8

As reported by the Minneapolis Area Association of Realtors

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Ready to buy or sell a home? Call the sister team.
We’d love to help you move forward.

Ellen and Kate Walsh
Coldwell Banker Burnet
612.220.3304
emwalsh@cbburnet.com

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Real Estate Weekly Update
September 26, 2011

With the Labor Day slowdown in the mix for the current round of numbers, new listings were down 21.2 percent compared to the 12.9 percent average decline over the past three months. At 1,248 new homes, that now marks 14 consecutive weeks of year-over-year declines in new listings. Inventory levels were also down 21.2 percent to 23,481 active listings, marking 30 consecutive week of declines.

Conversely, buyer activity was up 53.0 percent over the same week last year. That’s a fairly hefty increase, but we can’t call it a one-week anomaly because the three-month average shows an impressive 41.7 percent average increase over the equivalent three months in 2010. The 823 purchase agreements mark 18 consecutive weeks of year-over-year increases in pending sales.

The Percent of Original List Price Received and Months Supply of Inventory metrics suggest a slowly changing landscape for sellers although they are still entrenched in buyer-favorable territory for the time being.

As reported by the Minneapolis Area Association of Realtors.

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Real Estate Weekly Update
February 28, 2011

The gap between current and year-ago listing activity continues to widen, as anticipated. Expect the supply-side numbers to show sizable year-over-year declines due to the high baseline set during the spring 2010 tax credit. It should be noted that we are now approaching a period where we’ll be comparing the 2011 non-tax credit market to the 2010 tax credit market at its peak level.

For the week ending February 19, there were 690 signed purchase agreements, which made for a 12.1 percent decline from the same week last year. There were 1,367 New Listings for the week, representing a 25.4 percent decline from a year ago. Active Listings, at 21,642, have been holding steady since the beginning of the year due to subdued seller activity coupled with fairly reliable sales volumes. That marked a 3.3 percent decline from year-ago inventory levels.

A more meaningful comparison is to look back at 2009 and 2008 and avoid tax credit stimulated activity. This week’s 690 Pending Sales fall right in between 2008 and 2009 numbers. While that is less buyer activity than we would like, it does provide hope for
the future.

As reported by the Minneapolis Area Association of Realtors
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Wall Street Journal article: Getting a Mortgage Before the Door Shuts

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Real Estate Weekly Update
February 7, 2011

For the week ending January 29, 2011, purchase activity in the Twin Cities 13-county metro registered 2.0 percent below the same week in 2010.  That marked the smallest decline in buyer activity in two months. Pending Sales in the first half of 2011 will struggle to match the high marks set during last year’s tax credit but should parallel 2009 levels.

Seller activity has mimicked last year’s levels thus far, only about 300 units slimmer. A total of 1,317 New Listings entered the market for the week, 16.9 percent fewer than the same week last year.

Active Listings for Sale increased a modest 1.8 percent from last year. Current inventory levels have remained fairly static over the past five weeks.

As reported by the Minneapolis Area Association of Realtors.

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Real Estate Weekly Update
January 31, 2011

Twin Cities home buyers braved the arctic air to sign 533 purchase agreements during the week ending January 22. Although that’s 4.5 percent fewer than the same week in 2010, it’s better than the 9.3 percent decline we’ve seen over the last three months.

Sellers brought 1,195 new properties online for the week, a 21.5 percent drop compared to year-ago figures. The 3-month average shows a more subtle 4.9 percent decline.

The number of Active Listings for sale was up 10.6 percent compared to the same week last year, giving buyers 22,810 properties to choose from and sellers 22,809 properties to compete with.

Now if we can just get this snow to stop during our rush hours and weekends.

As reported by the Minneapolis Area Association of Realtors.

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Real Estate Weekly Update
August 23, 2010

The Twin Cities Housing market has seen some impressive highs and puzzling lows this year. Unfortunately, the lows have persisted through summer, despite low interest rates and a diverse and affordable housing stock.

Although New Listings are about where they were last year (near 1,600), Pending Sales remain as low as they’ve been all summer. The week ending August 14 bore just 631 signed purchase agreements, down 38.5 percent compared to last
year. The three-month total for pendings is 8,018 compared to 13,830 last year, which is an even heftier decline of 42.0 percent.

Active Listings are up to 27,784, 8.1 percent more than last year. Growing inventory is not the result of too many homes coming on the market but rather a product of not enough homes going off the market. With Months Supply of Inventory now at 7.8, it still remains a buyer’s market out there.

As reported by the Minneapolis Area Association of Realtors.

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Weekly Market Activity Report

For the week ending July 10, the number of pending sales held steady with the week before but remained well behind last year’s pace. The 545 signed agreements during the week represent a drop of 45.9 percent from last year at this time. That’s the tenth consecutive week of year-over-year declines in buyer demand, a period that coincides with the loss of the federal tax credit for first-time home buyers.

The 1,542 new listings for the most recent reporting week are also down compared to last year but not to the extent of pendings, posting a decline of 17.4 percent from a year ago.

Inventory is up 4.4 percent from a year ago. Because the growing inventory is being greeted with slim buyer demand, the balance of buyers and sellers is shifting the market back in the buyer’s favor. The July Supply-Demand Ratio of 7.44 means that there are 7.44 houses for each buyer this month, up 46.9 percent from the mark of 5.06 seen a year ago.

As reported by the Minneapolis Area Association of Realtors

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