For Week Ending February 11, 2017

The total supply of homes for sale at this early juncture of 2017 coupled with the relative low affordability of those homes have made the market interesting to watch. The combination of broad personal financial situations is particularly pronounced among millennials celebrating their prime home-buying years. While some individuals may have a decent amount of money saved up for a home purchase, others have educational debt, lowering their maximum affordability price. Being aware of this situational variety will help both lenders and agents.

In the Twin Cities region, for the week ending February 11:

• New Listings decreased 5.2% to 1,338
• Pending Sales increased 1.1% to 859
• Inventory decreased 23.3% to 8,583

For the month of January:

• Median Sales Price increased 4.7% to $225,000
• Days on Market decreased 7.1% to 79
• Percent of Original List Price Received increased 0.9% to 95.9%
• Months Supply of Inventory decreased 26.1% to 1.7

All comparisons are to 2016

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

For Week Ending February 4, 2017

According to a recent Gallup poll, it is the first time in more than 15 years that a majority of Americans are optimistic about finding a quality job. This is great news for the entry-level housing market, as job growth and improved wages fuel demand for home purchases. Rents have also been on the rise, another factor that has put the entry-level market in strong demand.

In the Twin Cities region, for the week ending February 4:

• New Listings increased 3.3% to 1,282
• Pending Sales remained flat at 882
• Inventory decreased 24.0% to 8,399

For the month of January:

• Median Sales Price increased 4.7% to $225,000
• Days on Market decreased 7.1% to 79
• Percent of Original List Price Received increased 0.9% to 95.9%
• Months Supply of Inventory decreased 26.1% to 1.7

All comparisons are to 2016

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

For Week Ending January 28, 2017

While the winter months that lead us through the holiday season and to the end of December are typically a slower time for the housing market, the beginning of each new year tends to bring a renewed interest in moving or buying. The annual January resolution effect is in full swing so far in 2017. Prices are increasing, purchase agreements are being signed, and despite record inventory lows, demand remains strong.

In the Twin Cities region, for the week ending January 28:

• New Listings decreased 3.0% to 994
• Pending Sales decreased 9.5% to 777
• Inventory decreased 24.2% to 8,427

For the month of December:

• Median Sales Price increased 3.9% to $228,000
• Days on Market decreased 10.1% to 71
• Percent of Original List Price Received increased 0.6% to 96.0%
• Months Supply of Inventory decreased 26.1% to 1.7

All comparisons are to 2016

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

For Week Ending January 21, 2017

The number of existing homes sold in 2016 was 5.4 million, which exceeded the 5.25 million sold in the previous year and is now the highest in a decade. Declining inventory and affordability are both going to be closely surveyed this year, as a continuation of those trends could negatively impact sales. For now, prices are still running higher and days on market are still lower, both indicative of healthy demand.

In the Twin Cities region, for the week ending January 21:

• New Listings increased 12.8% to 1,025
• Pending Sales increased 4.0% to 730
• Inventory decreased 25.3% to 8,379

For the month of December:

• Median Sales Price increased 3.9% to $228,000
• Days on Market decreased 10.1% to 71
• Percent of Original List Price Received increased 0.6% to 96.0%
• Months Supply of Inventory decreased 26.1% to 1.7

All comparisons are to 2016

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

For Week Ending January 14, 2017

In winter, it is not uncommon for housing starts to tail off, but 2016 closed on an uptick and became the best year for housing starts since 2007. Granted, multifamily homes have been driving the increase in recent years, while single-family starts and building permits are mildly down. Yet there is warranted optimism for new single- family home building in 2017.

In the Twin Cities region, for the week ending January 14:

• New Listings decreased 4.8% to 931
• Pending Sales decreased 7.0% to 622
• Inventory decreased 25.6% to 8,347

For the month of December:

• Median Sales Price increased 4.1% to $228,500
• Days on Market decreased 10.1% to 71
• Percent of Original List Price Received increased 0.6% to 96.0%
• Months Supply of Inventory decreased 26.1% to 1.7

All comparisons are to 2016

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

For Week Ending January 7, 2017

If predictions hold true – a continuing inventory crunch, moderate price gains, higher mortgage rates – 2017 will likely be in favor of the seller. On the other end of the spectrum, deals may be harder to come by if the largest potential group of buyers, the millennials, do not start wading into the buying pool with more fervor.

In the Twin Cities region, for the week ending January 7:

• New Listings decreased 15.1% to 969
• Pending Sales decreased 21.1% to 555
• Inventory decreased 25.5% to 8,298

For the month of December:

• Median Sales Price increased 4.1% to $228,500
• Days on Market decreased 10.1% to 71
• Percent of Original List Price Received increased 0.6% to 96.0%
• Months Supply of Inventory decreased 26.1% to 1.7

All comparisons are to 2016

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

For Week Ending December 31, 2016

At the outset of 2017, we are watching for upward movement in some of the same areas that we were watching in 2016. Inventory remains a key metric, as continued decreases may push out potential buyers, especially if mortgage rates continue to increase. However, buying a home is still considered more affordable than renting in two-thirds of the country according to the 2017 Rental Affordability Report by ATTOM Data Solutions.

In the Twin Cities region, for the week ending December 31:

• New Listings decreased 7.5% to 384
• Pending Sales decreased 14.9% to 474
• Inventory decreased 24.9% to 9,049

For the month of December:

• Median Sales Price increased 4.1% to $228,500
• Days on Market decreased 10.1% to 71
• Percent of Original List Price Received increased 0.6% to 96.0%
• Months Supply of Inventory decreased 30.4% to 1.6

All comparisons are to 2015

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

For Week Ending December 24, 2016

As we look toward 2017, the entirety of the U.S. housing market has never been worth as much as it is right now. Housing stock value grew to $29.6 trillion in 2016, regaining all of the value that was lost during the last recession. An upward trend in mortgage rates, mortgage credit and new construction are all common predictions for 2017.

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

• New Listings increased 32.5% to 359
• Pending Sales increased 28.1% to 606
• Inventory decreased 23.9% to 9,469

For the month of November:

• Median Sales Price increased 5.5% to $231,400
• Days on Market decreased 15.1% to 62
• Percent of Original List Price Received increased 0.8% to 96.7%
• Months Supply of Inventory decreased 24.1% to 2.2

All comparisons are to 2015

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

For Week Ending December 17, 2016

As we begin our final descent into 2017, the total value of the housing market has hit its highest point since the early 2000s. With mortgage rates on the rise and prices still increasing in most categories and locations, lower affordability could lead to less demand. However, most real estate professionals remain optimistic about the market and excited for the year ahead.

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

• New Listings decreased 4.1% to 578
• Pending Sales decreased 11.3% to 706
• Inventory decreased 23.5% to 9,978

For the month of November:

• Median Sales Price increased 5.5% to $231,325
• Days on Market decreased 15.1% to 62
• Percent of Original List Price Received increased 0.7% to 96.6%
• Months Supply of Inventory decreased 24.1% to 2.2

All comparisons are to 2015

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

For Week Ending December 10, 2016

Housing starts have fallen from last month’s nine-year high, but the onset of the winter season has to be a strong consideration for the reason behind the month- over-month slowdown. The fact remains that homebuilder confidence has reached its highest point in more than ten years, and the housing market is rounding out the year in a rather solid position.

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

• New Listings increased 1.5% to 725
• Pending Sales increased at 745
• Inventory decreased 22.1% to 10,422

For the month of November:

• Median Sales Price increased 5.5% to $231,400
• Days on Market decreased 15.1% to 62
• Percent of Original List Price Received increased 0.8% to 96.7%
• Months Supply of Inventory decreased 24.1% to 2.2

All comparisons are to 2015

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