Monday, August 6th, 2018

For Week Ending July 28, 2018

The U.S. Labor Department reported that the economy added 157,000 jobs in July, marking 93 months in a row of job additions. Beginning in October 2010, that is the longest streak of monthly employment growth on record. The unemployment rate dropped to a historically low 3.9 percent, and wage growth remained at an annual rate of 2.7 percent. Meanwhile, escalating tariff conflicts with U.S. trade partners have not yet impacted the day-to-day housing market, but builders have indicated that lumber tariffs are increasing prices for new homes.

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

  • New Listings increased 6.1% to 1,814
  • Pending Sales increased 2.0% to 1,401
  • Inventory decreased 12.5% to 11,959

For the month of June:

  • Median Sales Price increased 5.3% to $271,000
  • Days on Market decreased 16.7% to 40
  • Percent of Original List Price Received increased 0.8% to 100.3%
  • Months Supply of Inventory decreased 11.1% to 2.4

All comparisons are to 2017

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

Posted in Weekly Report |
Monday, July 30th, 2018

For Week Ending July 21, 2018

Although talk of another real estate pricing bubble poised to burst is premature, pundits are nevertheless beginning to point toward the common markers that caused the last housing market downturn. As prices continue to rise while wages don’t rise as quickly, a new situation could be an eventuality. Yet today’s market is quite different than the last recession. The economy is growing, lending practices are more in line with economic fundamentals and inventory appears to be improving in many markets, which would help alleviate price pressure.

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

  • New Listings increased 2.2% to 1,927
  • Pending Sales decreased 3.1% to 1,336
  • Inventory decreased 13.6% to 11,728

For the month of June:

  • Median Sales Price increased 5.3% to $271,000
  • Days on Market decreased 16.7% to 40
  • Percent of Original List Price Received increased 0.8% to 100.3%
  • Months Supply of Inventory decreased 11.1% to 2.4

All comparisons are to 2017

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

Posted in Weekly Report |
Monday, July 23rd, 2018

For Week Ending July 14, 2018

National indicators do not necessarily predict the local economy, but the national trends can be a reliable gauge for what is happening with local residential real estate. Case in point, the U.S. Bureau of Labor Statistics recently reported that unemployment is relatively unchanged since last month. Meanwhile, a national statistics release about housing starts indicates that housing starts are lower nationwide, even as consumer spending on home goods purchases and renovations are up.

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

  • New Listings increased 11.4% to 2,209
  • Pending Sales decreased 2.7% to 1,417
  • Inventory decreased 14.4% to 11,384

For the month of June:

  • Median Sales Price increased 5.2% to $270,750
  • Days on Market decreased 16.7% to 40
  • Percent of Original List Price Received increased 0.8% to 100.3%
  • Months Supply of Inventory decreased 11.1% to 2.4

All comparisons are to 2017

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

Posted in Weekly Report |
Monday, July 23rd, 2018

“Buyer competition is frequently manifesting quick sales above asking price.”

Posted in Monthly Skinny Video |
Thursday, July 19th, 2018

By David Arbit on Wednesday, July 18th, 2018

Seller activity was relatively flat in June while buyers pulled back somewhat. For the first time since 2010, new listings surpassed 9,000 in May of this year. That’s encouraging, even though June seller activity was down slightly compared to last year. Increasing or steady seller activity combined with a cool down in demand is consistent with a loosening marketplace. That said, buyers shopping this spring and summer will still face stiff competition. While sellers are receiving full-price-or-better offers in record time, listings still need to show well and be priced properly. June marked the seventh consecutive month of year-over-year declines in closed sales, likely reflecting the shortage of homes for sale.

Strong demand and low supply means sellers yielded an average of 100.3 percent of their list price in June, a record high for any month since at least the beginning of 2003. The shortage is especially noticeable at the entry-level prices, where multiple offers and homes selling for over list price have become increasingly common.

The move-up and upper-bracket segments are less competitive and better supplied. Yes, the housing market is tight out there—sometimes frustratingly so. But over 54,000 Twin Cities buyers and sellers have managed to successfully transact real property so far this year.

June 2018 by the Numbers (compared to a year ago)

Sellers listed 8,730 properties on the market, a 1.2 percent decrease
Buyers closed on 7,063 homes, a 8.1 percent decrease
Inventory levels for June fell 15.9 percent compared to 2017 to 11,374 units
Months Supply of Inventory was down 14.8 percent to 2.3 months
The Median Sales Price rose 5.7 percent to $271,900, a record high
Cumulative Days on Market declined 14.6 percent to 41 days, on average (median of 16)
Changes in Sales activity varied by market segment

Single family sales sank 7.1 percent; condo sales rose 8.4 percent; townhome sales declined 13.7 percent
Traditional sales fell 6.6 percent; foreclosure sales sank 39.3 percent; short sales dropped 39.0 percent
Previously-owned sales fell 7.4 percent; new construction sales decreased 4.3 percent

From The Skinny Blog.

Posted in The Skinny |

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