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.

For Week Ending November 5, 2016

It is unclear how having elected the first business person with no prior political experience and a heavy background in real estate as the nation’s president is going to influence the housing market. In the hours and days after the election, financial markets became quite volatile due to the uncertainty. However, it doesn’t seem as though demand from aspiring home buyers will be shrinking in the near future.

In the Twin Cities region, for the week ending November 5:

• New Listings decreased 7.4% to 1,096
• Pending Sales increased 9.4% to 980
• Inventory decreased 17.8% to 12,706

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 October 29, 2016

We enter the fourth quarter of the year knowing that the share of first-time home buyers rose for the first time in approximately three years. This fact is driven primarily by healthy job growth, but we need to see more homes entering the market in order to combat the low inventory struggle witnessed during the entirety of 2016.

In the Twin Cities region, for the week ending October 29:

• New Listings decreased 6.1% to 1,031
• Pending Sales increased 4.2% to 966
• Inventory decreased 16.9% to 13,299

For the month of September:

• Median Sales Price increased 3.6% to $230,000
• Days on Market decreased 13.8% to 56
• Percent of Original List Price Received increased 0.9% to 97.5%
• Months Supply of Inventory decreased 17.1% to 2.9

All comparisons are to 2015

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

For Week Ending October 22, 2016

Even though there are still more than two months remaining on the year, there is little to suggest that the prevailing trends of 2016 will suddenly change. If all holds firm, inventory will trend lower, prices will trend higher and sales will show that demand remains strong, despite having fewer homes to choose from.

In the Twin Cities region, for the week ending October 22:

• New Listings decreased 4.7% to 1,174
• Pending Sales increased 8.2% to 1,001
• Inventory decreased 15.9% to 13,632

For the month of September:

• Median Sales Price increased 3.6% to $230,000
• Days on Market decreased 13.8% to 56
• Percent of Original List Price Received increased 0.9% to 97.5%
• Months Supply of Inventory decreased 20.0% to 2.8

All comparisons are to 2015

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