MAAR Weekly Update; The Launch of Summer

 

Some lovely Lady Slippers

We are still a little shy on inventory as we roll into these June Summer Days.  The inventory levels have increased, but we could still use more listings that are in good updated condition & priced right.  Check out the latest from the Mpls Area Association of Realtors posted on 6.8.2015.

As we get closer to the official calendar launch of summer, residential real estate is taking off. The market may seem slower than in past spring/summer sprints, but numbers are by no means dismal. Whether the buyer category is dominated by Millennial, Generation X or move-up buyers from previous generations is no matter; activity is happening.

In the Twin Cities region, for the week ending May 30:
• New Listings decreased 2.9% to 1,696

• Pending Sales increased 23.5% to 1,357

• Inventory decreased 4.6% to 16,202

For the month of May:

• Median Sales Price increased 6.7% to $224,000

• Days on Market decreased 5.0% to 76

• Percent of Original List Price Received increased 0.7% to 97.5%

• Months Supply of Inventory decreased 12.2% to 3.6

MAAR: Weekly Market Update

Here's the latest scoop from the Mpls Area Association of Realtors. 


As we press through May, the residential real estate market is really hitting its

paces. Sales activity has been plentiful and REALTORS® are busier than ever. The

Bureau of Labor Statistics recently released April numbers, and they are still quite

positive. The nation added 223,000 jobs and the national unemployment rate

dropped to 5.4%. The need for more inventory is an ongoing issue, but not one

that thwarts optimism in the marketplace.

In the Twin Cities region, for the week ending May 9:

• New Listings increased 7.1% to 2,117

• Pending Sales increased 24.0% to 1,526

• Inventory decreased 1.8% to 15,518

Well, I just returned from a quick trip to sunny AZ and have had a busy week, with two sales & a wrap up of an inspection on a 3rd that sold right before I left.  Inventory levels are low at a little over 12,000 properties on the market.  A balanced  market is 20,000.  So if you're thinking about selling, let me know. I'm happy to give you a free pricing analysis for your home.  Here's the latest update from Mpls Area Association of Realtors.

 

As we hit February, mortgage rates continue to remain low, bringing about a high dosage of optimism to the market. While some reports attempt to dissect drops in builder confidence with a negative-bent attitude, low rates seem prepped to steer potential buyers toward getting their own set of house keys, curbing the pessimism of market naysayers.

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

• New Listings increased 12.1% to 1,298
• Pending Sales increased 15.6% to 920
• Inventory decreased 3.7% to 12,410

January, 2015 Market Numbers

We finally got a little snow yesterday and that freshened things up.  However, inventory levels still remain extremely low (only 12,149 homes compared to about 20,000 that we like to see).  If you're thinking of selling or know someone who is, NOW IS THE TIME.  Here's the latest from the Mpls Area Association of Realtors.

 

Up, down and all around, mortgage rates and regulations will likely be hot topics this year. Rates should stay low through 2015, but consumers and finance experts believe we're at or near rate bottoms. The implication of low rates should be that more people will be able to reach homeownership status in the coming year, but it will be interesting to see if regulatory standards loosen up or tighten further based on buyer demand.
 

In the Twin Cities region, for the week ending January 24:

• New Listings increased 15.8% to 1,058

• Pending Sales increased 3.1% to 675

• Inventory decreased 6.4% to 12,149

Quick Overview of 2014 Annual Report on the Twin Cities Housing Market

Rabbit Warren at Pontoise, Snow  1879 
Camille Pissarro, French
 The Art Institute of Chicago

We could certainly use some inventory again.  I just checked and the latest report shows that the inventory levels are at 11,999.  That's quite low, as we usually like to see approximately 20,000 homes on the market.  Based on my Open Houses, buyers are just getting started.  Perhaps the sellers are too.

Here's the overview from the Minneapolis Area Association of Realtor's 2014 Annual Report on the Twin Cities Housing Market.

Two steps forward, one step back. That's how the 2014 housing recovery went in most local U.S. markets. It was another recovery year but not without its hurdles – some new, some familiar. Metrics like sales price and new listings showed improvement, while new home construction and inventory didn't quite meet expectations. Though the rate of improvement is uneven across areas, price tiers and market segments, overwhelmingly encouraging data sets a positive tone for 2015.





Ginko Leaves on Gate       28 October, 2014

It may be cooling off, but the market is still plugging ahead.
Read the latest from Minneapolis Area Association of Realtors
Weekly Update below. 

Rising home prices and continued housing stability continue to lure new listings and keep inventory at a comfortable level. Although things like student debt and lethargic wage growth may provide some obstacles for first-time home buyers, those on the hunt for homes are still graced by relatively low inflation and low mortgage rates. The seasonal slows may settle in soon, but the market remains mostly content. In the Twin Cities region, for the week ending October 18: • New Listings increased 1.6% to 1,310 • Pending Sales increased 5.1% to 912 • Inventory increased 6.1% to 18,094

So, it's been awhile since I posted on this blog.  Well, the summer was pretty much a "Merrily we row along" until about a month ago when the market shifted.  Since then, it's been a little on the quiet side, although I have sold two listings in the past 2 weeks that were sitting on the market because of overpricing for awhile.  It's important for sellers to realize that the market has shifted and it will probably be quiet through the 4th quarter of the year.  It's pretty typical for a seasonal slow down to occur in the real estate market at this time, but it is difficult to predict if this is a "typical seasonal slow down".  It seems a little more that that.  We will see.  As for now, it's important for sellers to be realistic about pricing their homes to sell and getting them into pristine showing condition. 

Check out Mpls Area Association of Realtor's Weekly Update below.


As we turn toward the final and typically quietest quarter of the year, it is easy to wonder if we are destined to lose the stability that we have worked hard for throughout the U.S. However, gloomy considerations are readily put aside after considering a recent investigation by the Inter-national Monetary Fund into the real estate markets of other countries. It turns out that our national housing price-to-income ratio is fairly conservative. At this rate, we will soon stop talking about the process of housing recovery and just call it recovered.

In the Twin Cities region, for the week ending October 11:
• New Listings decreased 6.6% to 1,423
• Pending Sales increased 6.8% to 955
• Inventory increased 7.5% to 18,178

For the month of September:
• Median Sales Price increased 5.1% to $205,000
• Days on Market remained flat at 71
• Percent of Original List Price Received decreased 0.9% to 95.6%
• Months Supply of Inventory increased 15.8% to 4.4