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Weekly Market Report

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For Week Ending March 19, 2022

Rising sales prices and a surge in mortgage rates haven’t been enough to cool demand and ease competition heading into the spring market. Agents are reporting homes are selling at lightning speed and often with multiple offers. According to the National Association of REALTORS®, 84% listings were on the market less than 30 days last month, with an average of 5 offers on each home sold, and 48% of offers above list price nationwide.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 19:

  • New Listings decreased 6.8% to 1,370
  • Pending Sales decreased 6.6% to 1,180
  • Inventory decreased 14.6% to 4,713

FOR THE MONTH OF FEBRUARY:

  • Median Sales Price increased 8.3% to $340,000
  • Days on Market decreased 4.3% to 44
  • Percent of Original List Price Received increased 0.7% to 100.8%
  • Months Supply of Homes For Sale decreased 10.0% to 0.9

All comparisons are to 2021

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Weekly Market Report

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For Week Ending March 12, 2022

Following a brief decline recently, mortgage interest rates are on the rise again, as the average 30-year fixed-rate mortgage jumped to 4.27% for the week ending March 11, the highest level since May 2019, according to the Mortgage Bankers Association. Mortgage rates are now a full percentage point higher than this time last year and continue to impact mortgage demand, in particular refinance applications, which were down 49% compared to the same week one year ago.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 12:

  • New Listings decreased 10.1% to 1,313
  • Pending Sales decreased 6.5% to 1,174
  • Inventory decreased 14.0% to 4,671

FOR THE MONTH OF FEBRUARY:

  • Median Sales Price increased 8.3% to $340,000
  • Days on Market decreased 8.7% to 42
  • Percent of Original List Price Received increased 0.7% to 100.8%
  • Months Supply of Homes For Sale decreased 20.0% to 0.8

All comparisons are to 2021

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Weekly Market Report

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For Week Ending March 5, 2022

The U.S. median listing price rose 12.9% year-over-year to a new high of $392,000 in February, exceeding the previous peak set in July 2021, according to Realtor.com’s Monthly Housing Trends Report. Despite rising sales prices, homes are disappearing in record time, with the typical U.S. home selling more than two weeks faster last month compared to the same period last year, and more than a month faster compared to February 2017 – 2019.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 5:

  • New Listings decreased 5.8% to 1,417
  • Pending Sales decreased 3.8% to 1,128
  • Inventory decreased 16.3% to 4,505

FOR THE MONTH OF JANUARY:

  • Median Sales Price increased 10.6% to $333,000
  • Days on Market decreased 2.4% to 41
  • Percent of Original List Price Received increased 0.1% to 99.6%
  • Months Supply of Homes For Sale decreased 20.0% to 0.8

All comparisons are to 2021

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.