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.