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.

For Week Ending December 3, 2016

This has proven to be a steady year for buying and selling activity in the residential real estate market. Although inventory declined and prices increased throughout the year, it has been a rather strong year, and many are predicting that 2017 will remain about the same as long as inventory remains somewhat steady, unemployment rates continue to fall and mortgage rates remain low.

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

• New Listings decreased 14.7% to 747
• Pending Sales increased 1.7% to 900
• Inventory decreased 19.9% to 11,099

For the month of November:

• Median Sales Price increased 5.7% to $231,750
• Days on Market decreased 16.4% to 61
• Percent of Original List Price Received increased 0.8% to 96.7%
• Months Supply of Inventory decreased 27.6% to 2.1

All comparisons are to 2015

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

For Week Ending November 26, 2016

National home prices reached a record high, increasing 0.1 percent from the pre-recession peak in 2006. This height – driven by low inventory, solid demand and responsible lending practices – is much different from the previous high mark. Inflation is also a factor. Interest rates, unemployment, prices and wage trends will continue to be factors to monitor for trend analysis as we reach toward 2017.

In the Twin Cities region, for the week ending November 26:

• New Listings decreased 6.7% to 502
• Pending Sales decreased 5.7% to 595
• Inventory decreased 19.9% to 11,571

For the month of October:

• Median Sales Price increased 6.5% to $230,000
• Days on Market decreased 14.3% to 60
• Percent of Original List Price Received increased 0.8% to 96.9%
• Months Supply of Inventory decreased 21.2% to 2.6

All comparisons are to 2015

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

For Week Ending November 19, 2016

With the holiday season in full swing, existing home sales rose for the second straight month to the highest they have been since 2007. This was unexpected, since prices are also at record highs and inventory is still consistently declining. As both incomes and employment figures continue to improve, it would be a welcome surprise to see sales trend higher through to the end of the year.

In the Twin Cities region, for the week ending November 19:

• New Listings increased 10.9% to 950
• Pending Sales increased 8.0% to 902
• Inventory decreased 19.7% to 11,975

For the month of October:

• Median Sales Price increased 6.5% to $230,000
• Days on Market decreased 14.3% to 60
• Percent of Original List Price Received increased 0.8% to 96.9%
• Months Supply of Inventory decreased 21.2% to 2.6

All comparisons are to 2015

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

For Week Ending November 12, 2016

The sudden elevation in mortgage rates after the election may throw a wrench into the market for both buyers and sellers. Affordability and inventory are already low, and rate spikes coupled with rising prices may keep buyers at bay. In return, potential sellers may forgo selling if they have to lower their asking prices. These are hypothetical situations, of course, and residential real estate is presently performing well.

In the Twin Cities region, for the week ending November 12:

• New Listings decreased 3.8% to 986
• Pending Sales decreased 2.7% to 857
• Inventory decreased 19.0% to 12,334

For the month of October:

• Median Sales Price increased 6.5% to $230,000
• Days on Market decreased 14.3% to 60
• Percent of Original List Price Received increased 0.8% to 96.9%
• Months Supply of Inventory decreased 21.2% to 2.6

All comparisons are to 2015

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