Here I am.

Monday, June 10th, 2019
For Week Ending June 1, 2019

Despite home prices that seem to be creeping ever upward like unchecked crabgrass, pending sales have been performing well, and new listings are generally keeping up with demand in a manner that is propelling the housing industry forward into weed-free pastures. The Federal Reserve considers 2.0% a healthy inflation rate, but the U.S. is expected to remain below that in 2019, which could prompt as many as three rate cuts this year. In turn, that could boost housing further. Excelsior!

In the Twin Cities region, for the week ending June 1:

  • New Listings increased 1.2% to 1,839
  • Pending Sales increased 6.3% to 1,558
  • Inventory remained flat at 11,018

For the month of April:

  • Median Sales Price increased 5.2% to $281,000
  • Days on Market increased 7.5% to 57
  • Percent of Original List Price Received decreased 0.5% to 99.4%
  • Months Supply of Homes For Sale increased 5.0% to 2.1

All comparisons are to 2018

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

Posted in Weekly Report |
Monday, June 3rd, 2019

For Week Ending May 25, 2019

The venerable open house is a home-selling marketing tactic that is as old as the business of real estate. Put arrow signs up on busy street corners; buy some balloons; lay out flyers and snacks; welcome the stream of curious lookie-loos that traipse through the home. Many REALTORS® skip this old-fashioned tactic these days, focusing more on Internet marketing, but there are still a lot of arrow signs on street corners this time of year.

In the Twin Cities region, for the week ending May 25:

  • New Listings increased 1.2% to 1,839
  • Pending Sales increased 6.3% to 1,558
  • Inventory remained flat at 11,018

For the month of April:

  • Median Sales Price increased 5.2% to $281,000
  • Days on Market increased 7.5% to 57
  • Percent of Original List Price Received decreased 0.5% to 99.4%
  • Months Supply of Homes For Sale increased 5.0% to 2.1

All comparisons are to 2018

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

Posted in Weekly Report |
Saturday, June 1st, 2019
For Week Ending May 18, 2019

There is a stillness in the air during this spring’s housing market, and not the foreboding kind that precedes a scary moment in a horror film or a major weather event, but rather a sameness to the springs of the last few years. Prices are still edging upwards and providing affordability challenges for many buyers. The number of new listings and homes for sale are still not quite enough – though improving – to meet current demand. And competition for desirable homes is still fierce.

In the Twin Cities region, for the week ending May 18:

  • New Listings decreased 5.9% to 2,147
  • Pending Sales decreased 5.8% to 1,395
  • Inventory increased 1.0% to 10,553

For the month of April:

  • Median Sales Price increased 5.2% to $281,000
  • Days on Market increased 5.7% to 56
  • Percent of Original List Price Received decreased 0.5% to 99.4%
  • Months Supply of Homes For Sale increased 5.0% to 2.1

All comparisons are to 2018

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

Posted in Weekly Report |
Thursday, May 23rd, 2019

Gardeners aren’t the only ones struggling with spring weather this year. The season’s late start and temperature swings suppressed housing market activity early this year, but those effects are moderating. The latest numbers for Twin Cities residential real estate show some strength amidst ongoing signs of change. Prices reached a new record of $281,000. New listings reversed course and rose 4.5 percent. Closed sales were down about 7.0 percent though pending sales—a measure of future closings—fell just 1.1 percent. Market times rose 5.7 percent year-over-year, the second increase since March 2015. Another sign of a changing market is the ratio of sold to list price has fallen for five of the last six months. In conjunction with other indicators, this suggests the market is improving for buyers, even though sellers still have strong pricing power, favorable negotiating leverage and quick market times.

The number of active listings for sale decreased slightly compared to the prior year. Even so, buyers have seen inventory gains for seven of the last eight months. After seven months of gains, months supply was flat at 2.0 months, suggesting the market is still undersupplied. Well-priced, turnkey properties continue to be highly sought-after. Mortgage rates remain cooperative at around 4.1 percent, which is good news for buyers. The market is tightest at the entry-level prices, where multiple offers and homes selling for over list price are commonplace. The move-up and upper-bracket segments are less competitive and better supplied.

April 2019 by the Numbers (compared to a year ago)

Sellers listed 7,679 properties on the market, a 4.5 percent increase from last April
Buyers closed on 4,384 homes, a 6.9 percent decrease
Inventory levels for April declined 1.2 percent compared to 2018 to 9,667 units
Months Supply of Inventory was flat at 2.0 months
The Median Sales Price rose 5.2 percent to $281,000, a record high for any month
Cumulative Days on Market rose 5.7 percent to 56 days, on average (median of 21)
Changes in Sales activity varied by market segment

Single family sales declined 7.1 percent; condo sales rose 9.1 percent; townhome sales fell 9.1 percent
Traditional sales decreased 5.2 percent; foreclosure sales declined 30.3 percent; short sales fell 38.9 percent
Previously-owned sales were down 8.9 percent; new construction sales surged 20.3 percent

Quotables

“Things still seem to be rebalancing a bit,” said Todd Urbanski, President of Minneapolis Area REALTORS®. “Low and stable rates have definitely helped, and so has the ongoing economic expansion.”

“We’re doing better here than many other parts of the country,” said Linda Rogers, President-Elect of Minneapolis Area REALTORS®. “It’s important for buyers and sellers to understand local dynamics, not national headlines.”

All information is according to the Minneapolis Area REALTORS® based on data from NorthstarMLS. Minneapolis Area REALTORS® is the leading regional advocate and provider of information services and research on the real estate industry for brokers, real estate professionals and the public. We serve the Twin Cities 16-county metro area and western Wisconsin.

From The Skinny Blog.

Posted in The Skinny |
Thursday, May 23rd, 2019

“Buyers are beginning to return in force this Spring. For well-priced homes in desirable locations, competition is fierce.”

Posted in Monthly Skinny Video |