Twin Cities Weekly Real Estate Market Update – week ending March 3, 2012

As the inventory is decreasing we are beginning to see the signs of price stabilization.  This is becoming apparent in the latest weekly market update from the Minneapolis Area Association of Realtors.

For February the  Days on Market decreased 9% and the percentage of asking price received increased 2.6% .  The median sales price dropped, but by only 1.1%.  This is evidence of the market beginning to stabilize…

The Twin Cities is down to a 4.6 Month supply of homes for sale..   We are on the upper edge of a Seller’s Market…  It takes 3-4 months to build a new home to add to the market inventory, that makes under 5 month supply of homes a Seller’s Market.  (some will say under 4 months supply is a buyers market – either way, we are entering that territory…)

In the Twin Cities region, for the week ending March 3:

  •  New Listings decreased 23.2% to 1,402
  •  Pending Sales increased 29.7% to 940
  •  Inventory decreased 22.9% to 17,818

For the month of February:

  •  Median Sales Price decreased 1.1% to $138,500
  •  Days on Market decreased 9.0% to 145
  •  Percent of Original List Price Received increased 2.6% to 90.6%
  •  Months Supply of Inventory decreased 36.5% to 4.6

Read Full Report from Minneapolis Area Association of Realtors

 

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Twin Cities Weekly Real Estate Market Update week ending Dec 17 2011

Minneapolis Area Association of Realtors’ weekly market update was released this afternoon.  For week ending December 17, 2011 we continued to see a strong increase in Pending Sales  combined with lower numbers of New Listings year over year bringing us to an unbelievable 19,066 listings.

For inventory numbers, we are looking like 2004 and very early 2005.  It will be interesting to see what the absorption rate is for December when MAAR releases Decembers figure in early January.  I suspect we may be getting close to dropping below a 5 month supply of homes.  (this is completely speculative right now..)

• New Listings decreased 16.9% to 799
• Pending Sales increased 50.1% to 749
• Inventory decreased 23.6% to 19,066

Read Full Report from MAAR

 

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Twin Cities December Real Estate Market “Monthly Skinny”

The Minneapolis Area Association of Realtors published the December “Monthly Skinny” video today.  It is a nice short recap of what we discuss here, no great revelations but a nice recap.

November’s inventory puts us into a balanced market, pending sales increasing while new listings dropping off.  They touch on the importance of jobs to the housing market but kind of skim over the figures and only look at the unemployment rate.   It would be pretty difficult for them to get into any depth in a short 2 minute video.

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Twin Cities Weekly Real Estate Market Update December 05, 2011

The Minneapolis Area Association of Realtors released this weeks Market Update for week ending November 26, 2011.  We are continuing to see great progress in the inventory levels as we are approaching the 20,000 level not seen since 2004.  Last we week the inventory dropped by 545 listings to 20,318.  A few weeks ago I was hoping we would get below 20,000 by the end of the year, at this rate we should be able to see that with no problem.  There is nothing magical about under 20,000 listings, it is just a benchmark we haven’t been below since 2004 and very early 2005.  This should help set us in a good place beginning the 2012 season.

  • New Listings decreased 9.1% to 601

  • Pending Sales increased 46.8% to 574

  • Inventory decreased 22.8% to 20,318

Read Full Weekly Market Report from Minneapolis Area Association of Realtors.

 

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Twin Cities Housing Market set for rebound

Earlier I posted the report that ranked Minneapolis/St Paul as the healthiest real estate market in the national survey.  Projected home price increase of 8% in 2012 and over 10,000 new building permits forecasted.

Fox 9 News interviewed Chris Galler from the Minneapolis Area Association of Realtors to discuss this report.

It is a nice short overview of the market, and Chris Galler does a good job explaining the Jobs are the key to housing recovery and how to consumer confidence will return to housing when they feel secure in their jobs.

A lot of experts are beginning to express more optimism in the housing market and sticking their necks out a little calling that we are the bottom.  I have one foot on that wagon and the other foot off, I agree if we run a straight line trajectory.  My reservation is the shadow inventory, the health of Fannie Mae, and he stability of the job market.

Realtor Talks Metro Housing Market Health: MyFoxTWINCITIES.com

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Twin Cities Housing Market update. Week Ending Oct 08, 2011

Another great weekly housing market update from Minneapolis Area Association of Realtors.

We continue to grind away at a faster pace on our inventory.  This week’s year-over-year stats:

Change in New Listings:      -13%  

Change in Pending Sales:   +48.3%

Change in Inventory:            -21.0%

We are now down to 22,434 listings on the market.

View Full Weekly Market Update Report

 

 

 

 

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