Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
February 21, 2011

For the week ending February 12, there were 710 signed purchase agreements, a meager drop of 0.1 percent from the same week last year. Although we fully expect to be down in year-over-year comparisons for the next three months due to last year’s tax credit incentive, this is still interesting because it marks the first time we’ve had more than 700 Pending Sales since May 2010. Think about that. More sales activity in mid-February 2011 than mid-June 2010.

Similar to the week prior, there were 1,324 New Listings for the week, representing a decline of 24.9 percent from a year ago. Active Listings increased slightly from the week before to 21,553, just a 3.2 percent decline from last year.

How much of this week’s reported pending sales can be attributed to unseasonably warm weather? Looking at 15-plus inches of fresh snowfall today, we’re certain to find out in a couple of weeks.

As reported by the Minneapolis Area Association of Realtors.

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Housing Supply Overview

Housing Supply Overview

Hso_overview_icon
January 2011

For the twelve-month period from October 2009 through September 2010, Pending Sales for condo properties increased 12.9 percent and single-family sales increased 2.1 percent.

The Under $100,000 price range, which increased 11.8 percent, outperformed all other price points in terms of sales activity, driven by a huge increase in condo sales compared to the same twelve-month period last year. The $300,001 and above bracket was a close second with a gain of 11.4 percent.

On the other hand, pending sales for properties in the $100,001 to $150,000 range decreased 4.2 percent. Inventory is an important metric to watch these days. The inventory of single-family properties increased 6.9 percent since last year at this time, while condo inventory decreased 7.1 percent.

Additionally, properties in the $100,001 to $150,000 range increased 14.5 percent while those in the $300,001 and above bracket decreased 9.9 percent.Let’s not forget about prices. The Median Sales Price for single-family homes held even with last year at $155,000 and condo prices fell 5.2 percent to land at $128,000.

Learn more about condominium ownership.

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Minneapolis–St. Paul Real Estate Market Update

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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Minneapolis–St. Paul Real Estate Market Update

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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Minneapolis–St. Paul Real Estate Market Update

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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Minneapolis–St. Paul Real Estate Market Update

Real Estate Market Update
January 17, 2011

Twin Cities home buyers and sellers both showed week-over-week increases coupled with year-over-year declines. The 1,490 New Listings were up over 120.0 percent from the previous week but down 10.7 percent from the previous year. The 475 Pending Sales were up over 70.0 percent from the previous week but down 8.7 percent from the previous year.

Moral of the story? The market has embarked on its typical new year’s ascent as we begin our long drive toward spring. We likely won’t match 2010 levels until the summer months – when we’re finally comparing two nonincentive markets on a level playing field.

Inventory was the metric to watch for the week, as the number of active listings for sale snuck in only 7.2 percent above year-ago levels. That’s the smallest inventory increase since the first full week in August 2010. As of January 18, there were 21,687 homes available for purchase. While that’s plenty of product for buyers to sift through, sellers will have to ensure that their properties show well and are priced aggressively.

As reported by the Minneapolis Area Association of Realtors

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City Specific Market Updates: December + YTD

Learn About Your City and Neighborhood

December and Year-to-Date Figures

The following reports provide updated information on the Twin Cities real estate market by specific cities and neighborhoods. Additional cities and neighborhoods are available upon request.

Minneapolis Report
Covering the areas of: Southwest Minneapolis, Nokomis, Longfellow, Uptown-Lakes, Downtown Minneapolis, Northeast, University Area, Powderhorn, Philips, North Minneapolis, and Camden.

St. Louis Park Report

Edina Report

Minnetonka Report

Hopkins Report

Wayzata Report

Lake Minnetonka Area Report
Covering the areas of: Deephaven, Excelsior, Greenwood, Long Lake, Minnetonka Beach, Wayzata, Woodland, Shorewood, Orono, Mound, Minnetrista, Spring Park, Tonka Bay, and St. Bonifacius.

Golden Valley Report

Twin Cities / 13-County Metropolitan Area Report
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For additional reports not listed here,
please contact me and I’ll be happy to send it to you.

Kate Walsh
612.220.3309
info@designhouse9.com

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
January 10, 2011

Buyers and sellers were less active in the closing week of 2010 than they were during the final week of 2009. Following three consecutive weeks of increases, sellers pulled back and listed 677 new properties or 1.6 percent fewer than they did last year at this time. This is slightly below the three-month average but up from the holiday week.

Buyer activity continued along its seasonal decline. The 279 purchase agreements signed for the week were down 26.2 percent from the year prior. While the number “26.2” may pique the interest of a marathoner, the rest of us are ready to see the market sustain gains in purchase demand. On average over the last three months, the year-over-year decline is a frigid 20.3 percent.

The number of active listings available for purchase rose 10.5 percent from last year to 21,597 properties. That gain came in slightly under the three-month average change in inventory levels but is in line with historical seasonal changes.

As reported by the Minneapolis Area Association of Realtors.

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City-Specific Market Updates: The Top 200+

Learn About Your City and Neighborhood

November and Year-to-Date Figures

The following reports provide updated information on the Twin Cities real estate market by specific cities and neighborhoods. Additional cities and neighborhoods are available upon request.

Minneapolis Report
Covering the areas of: Southwest Minneapolis, Nokomis, Longfellow, Uptown-Lakes, Downtown Minneapolis, Northeast, University Area, Powderhorn, Philips, North Minneapolis, and Camden.

St. Louis Park Report

Edina Report

Minnetonka Report

Hopkins Report

Wayzata Report

Lake Minnetonka Area Report
Covering the areas of: Deephaven, Excelsior, Greenwood, Long Lake, Minnetonka Beach, Wayzata, Woodland, Shorewood, Orono, Mound, Minnetrista, Spring Park, Tonka Bay, and St. Bonifacius.

Golden Valley Report

Twin Cities / 13-County Metropolitan Area Report
.

For additional reports not listed here,
please contact me and I’ll be happy to send it to you.

Kate Walsh
612.220.3309
info@designhouse9.com

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
January 3, 2011

Buyer activity for the week ending December 25 was fairly even with last year – down only 3.3 percent to 379 purchase agreements signed. The lowest weekly sales volume on record is 235 and it occurred during the final week of 2007. Weekly sales volumes have lingered between 400 and 700 units since the beginning of May 2010.

Sellers were outwardly optimistic about future purchase activity as they listed 657 new homes on the market, up a substantial 47.3 percent from the same week in 2009. That’s the largest year-over-year gain in seller activity since mid-April 2010.

Inventory levels are still on their seasonal uphill climb, and this won’t change until the snow starts melting. At this rate, that could be May! In all seriousness, there are currently 21,161 Twin Cities properties being actively marketed. That’s 11.5 percent more than the same week last year. This is nothing extraordinary and is in line with the usual seasonal changes.

As 2010 limps into the history books, we happily bid it adieu as the outlook for the latter half of 2011 continues to look up.

As reported by the Minneapolis Area Association of Realtors.

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
December 27, 2010


We don’t want to make excuses, okay, but it has been the snowiest December on record for the Twin Cities metropolitan area. We’re all too aware that our market metrics have provided some sting through much of 2010, and the snow and snow and more snow nudging us toward 2011 hasn’t helped.

There were 458 Pending Sales for the week ending December 18, marking a 14.1 percent drop from year-ago levels. Meanwhile, there was an 11.9 percent increase in New Listings for the same time period comparison.

Active Listings for Sale, at 22,956, continue to drop from week to week, but we are still 12.3 percent ahead of last year’s total number of  listings. Other challenges include:

• Days on Market Until Sale – up 10.1% to 140 days
• Percent of Original List Price Received at Sale – down 5.2% to 89.4%
• Supply Demand Ratio – up 17.5% to 9.72 houses per buyer
• Months Supply of Inventory – up 36.8% to 7.8 months

With two more weeks to report for 2010, we are ready for the mental refresher that will arrive with a new year.

As reported by the Minneapolis Area Association of Realtors.

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
December 20, 2010

After a brief flirtation with black ink, we returned to year-over-year declines in buyer activity in the 13-county Twin Cities metro area. There were 522 Pending Sales for the week ending December 11. That’s a 3.7 percent dip from year-ago levels – a minuscule change when placed in the context of recent history.

Sellers introduced more homes to the marketplace than they did last year at this time, placing 1,053 new homes on the market for a 2.4 percent increase over 2009 levels.

This recipe has enabled year-over-year inventory growth even as that metric shrinks from month-to-month. The 23,349 active listings for sale presented 11.3 percent more options for buyers than last year, but the rate of growth has decelerated.

As we tally the returns from this historically snowy run toward 2011, don’t expect a colossal shift in buyer or seller activity for the closing weeks of December.

As reported by the Minneapolis Area Association of Realtors.

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
December 13, 2010

Remember the week ending May 1? The weather was considerably warmer, there wasn’t more than two feet of snow on the ground and the optimism was high surrounding our professional sports teams. Things change.

That fateful week in May was also the last time our market recorded a year-over-year increase in weekly pending sales…until now.

For the week ending December 3, there were 606 pending sales, an increase of 10.0 percent from the same week last year. That’s the first year-over-year increase in 30 weeks. Whether this positive trend continues will depend upon job growth and other economic factors, but this small sign of hope is nice to see in December.

On the opposite end of the spectrum, new listings are consistently not matching last year’s marks — a welcome sign in this era of high supply. The 1,081 new listings for the most recent week is a decline of 13.8 percent from last year’s pace and marks the 11th week of the last 13 to post a year-over-year decline.

As reported by the Minneapolis Area Association of Realtors

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
December 6, 2010

After more than six months of double-digit declines, the past three weeks have shown year-over-year sales declines of less than 6 percent. For the week ending November 27, buyers signed 377 purchase agreements, or 5.5 percent fewer than last year.

Let’s play with personification: Twin Cities Housing Market, this is Statistical Normalcy. You two met about eight months ago, but you haven’t seen each other in a while. We’ll let you catch up.

And that’s our running theme for the week. Sellers mimicked their activity from last year and tightened up to 2009’s trend line. Like Pending Sales, New Listings have narrowed the gap between this and last year’s numbers, but they experienced a notable slowdown due to the Thanksgiving holiday. There were 676 new properties entering the market for a 6.4 percent decrease from last year.

Inventory has been dropping at roughly the same rate as it did at this time in 2009. Currently, the 23,812 Active Listings represent a 9.8 percent supply spike compared to last year. Keep in mind that some sellers take property off the market at this time of year as a way to stop the play clock while buyers hibernate.

As reported by the Minneapolis Area Association of Realtors.

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
November 29, 2010

For the week ending November 20, Pending Sales in the Twin Cities metropolitan area declined by just 4.1 percent from year-ago levels, marking the second week in a row where this year’s sales figures closely match last year’s numbers. There were 579 pendings for the week, and we have kept pace at about 600 sales per week for the past six months.

At 1,159, New Listings were 1.3 percent below 2009 levels. This year’s listing activity has occasionally strayed from last year’s trend line but has, for the most part, tracked along a fairly similar path.

As expected, the year-over-year inventory gains have been tapering off. As of November 29, the 24,423 active listings were 9.6 percent fewer than last year at this time. That’s the third consecutive week of decreasing inventory gains. This metric does a great job of illustrating the buyer-seller balance as the market prepares for hibernation.

As reported by the Minneapolis Area Association of Realtors.

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Minneapolis–St Paul Real Estate Market: November 2010

Where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity.

Narrated by Brad Fisher (2010 President, Minneapolis Area Association of REALTORS®), script written by David Arbit, audio recorded by Zach Foty and video produced by Chelsie Lopez.

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
November 22, 2010

Despite the icy roads, year-over-year purchase demand gives the appearance of gaining some traction. For the week ending November 13, there were 577 Pending Sales in the Twin Cities metropolitan area, a small 4.3 percent decline from year-ago levels.

Don’t put too much stock in this closing gap of home buyer activity, as compared to 2009. This year’s home sales have remained relatively flat at winter levels since the tax credit expired last spring. Buyer activity declined at this time in 2009 and that’s driving down the year-over-year change. We’re just now entering the part of the calendar where this sales trend is to be expected.

After two weeks of flirting with black ink, seller activity is back in the red. The 1,144 new homes listed on the market was a 5.3 percent decrease from 2009 levels. Inventory increases seem to be tapering off, a seasonal expectation for this time of year. There are 24,849 homes for buyers to choose from, up 10.4 percent from year-ago levels. That’s the smallest inventory gain in seven weeks. If this trend continues, it will serve to help rebalance the Twin Cities housing market.

As reported by the Minneapolis Area Association of Realtors

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
November 15, 2010

For the week ending November 6, the pending snow outlook worsened as the Pending Sales outlook improved. The 619 signed purchase agreements in the Twin Cities metropolitan area marked a 16.0 percent drop from the same week last year. That’s the smallest decline since the week ending May 8.

We do need to add some context to that piece of good news. We are not seeing an increase in sales activity this year so much as sales began to decline at this time last year. The post tax-credit demand vacuum will lose suction during the winter months but will likely reappear this spring.

Potential sellers had a relatively busy week, listing 1,399 new properties on the market for a 10.6 percent increase over last year. That’s the first significant increase in New Listings since the week ending April 24.

Although inventory levels were 11.3 percent higher than last year at 25,257 active listings, the rate of increase appears to be slowing. The Supply Demand Ratio has reached 10.82, its highest level since December 2008. This means there are currently about 11 homes available per buyer.

As reported by the Minneapolis Area Association of Realtors.

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