Weekly Market Report

For Week Ending June 17, 2017

As Millennials get older and more established in their careers, more of them are
entering the housing market. Nationwide sales rose to the third-highest level since
the housing crisis a decade ago, while home prices also hit record highs. Although
increasing prices may push some out of the running for a home purchase, mortgage
rates remain low enough to lure potential buyers.

In the Twin Cities region, for the week ending June 17:

  • New Listings decreased 6.6% to 1,840
  • Pending Sales decreased 4.8% to 1,396
  • Inventory decreased 16.2% to 12,316

For the month of May:

  • Median Sales Price increased 5.5% to $250,000
  • Days on Market decreased 15.0% to 51
  • Percent of Original List Price Received increased 0.9% to 99.5%
  • Months Supply of Inventory decreased 17.2% to 2.4

All comparisons are to 2016

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

Weekly Market Report

For Week Ending June 10, 2017

New buyers wanting to make their first home purchase are finding that they would have to spend more of their monthly incomes in order to do so. Higher prices during the busiest months of the selling season are giving some buyers pause, which is partly due to low inventory and the slow-moving pace of new home construction. In addition, some would-be sellers are staying put instead of trying to find a replacement home in a competitive environment, which can further stall inventory growth.

In the Twin Cities region, for the week ending June 10:

  • New Listings increased 2.3% to 2,102
  • Pending Sales decreased at 1,442
  • Inventory decreased 16.1% to 12,107

For the month of May:

  • Median Sales Price increased 5.5% to $250,000
  • Days on Market decreased 15.0% to 51
  • Percent of Original List Price Received increased 0.9% to 99.5%
  • Months Supply of Inventory decreased 17.2% to 2.4

All comparisons are to 2016

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

Weekly Market Report

For Week Ending June 3, 2017

Whether or not new listings or total sales are up or down in week-to-week measures, there are two universal truths in residential real estate across the country at the moment: the market is quite active, and, thus, overall inventory is still trending downward compared to last year. That will likely be the case for the entirety of 2017, especially at the pace that homes are coming off the market.

In the Twin Cities region, for the week ending June 3:

  • New Listings decreased 2.2% to 1,971
  • Pending Sales increased 2.4% to 1,306
  • Inventory decreased 16.0% to 11,870

For the month of April:

  • Median Sales Price increased 6.3% to $245,500
  • Days on Market decreased 20.5% to 58
  • Percent of Original List Price Received increased 1.2% to 99.2%
  • Months Supply of Inventory decreased 17.9% to 2.3

All comparisons are to 2016

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

Weekly Market Report

For Week Ending May 27, 2017

The current situation for residential real estate is the ongoing situation for residential real estate. The market is active, and the trend lines are showing nothing out of a long-standing ordinary. There may not be as many homes for sale as one would like, and price increases are starting to make one look more closely at affordability, but real estate professionals are busy, and buyers and sellers are dancing in mutually beneficial transactional pairs.

In the Twin Cities region, for the week ending May 27:

  • New Listings decreased 2.7% to 1,689
  • Pending Sales decreased 13.9% to 1,439
  • Inventory decreased 17.0% to 11,850

For the month of April:

  • Median Sales Price increased 6.3% to $245,500
  • Days on Market decreased 20.5% to 58
  • Percent of Original List Price Received increased 1.2% to 99.2%
  • Months Supply of Inventory decreased 17.9% to 2.3

All comparisons are to 2016

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

Weekly Market Report

For Week Ending May 20, 2017

Mortgage rates have fallen to their lowest levels so far this year but remain above where they were last year at this time. The market has proven to be ready for higher rates, as many homes continue to sell rapidly, often above the asking price. As long as there is ample supply, which is not a given in every market, 2017 should continue to be a great year for residential real estate.

In the Twin Cities region, for the week ending May 20:

  • New Listings decreased 6.5% to 2,059
  • Pending Sales decreased 10.1% to 1,498
  • Inventory decreased 17.0% to 11,671

For the month of April:

  • Median Sales Price increased 6.4% to $245,750
  • Days on Market decreased 20.5% to 58
  • Percent of Original List Price Received increased 1.2% to 99.2%
  • Months Supply of Inventory decreased 17.9% to 2.3

All comparisons are to 2016

Click here for the full Weekly Market Activity Report. From The Skinny Blog.