Twin Cities Weekly Real Estate Market Update 11/19/12

It has been a while since I have posted – things got busy with the market picking up and I was struggling balancing time between earning an income and keeping up on my blog.   I will be making an effort to keep up on the market news, even with the bright spots we are not out of the woods yet!

The Minneapolis Area Association of Realtors Weekly Market Update shows continued inventory decline.  The Twin Cities is now suffering a shortage of homes for sale.   According to MAAR, the Twin Cities is at a 3.8 Month Supply of Homes for sale which puts this in a Seller’s Market range.  Prices are nudging up as demand chases fewer and fewer home for sale.

Read Full Report from MAAR

 

 

 

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Twin Cities Weekly Real Estate Market Update 10/15/12

This week’s market update from Minneapolis Association of Realtors shows continued improvement on inventory in the Twin Cities.  I am still calling this “improvement”, however if this trend continues for too long it can become a “problem”.

In the Twin Cities region, for the week ending October 6:
• New Listings increased 2.8% to 1,301
• Pending Sales increased 33.5% to 1,049
• Inventory decreased 28.6% to 16,113

Read Full Report from MAAR

 

The real estate market has still been busy which makes it difficult for me to keep up with blog posts.  Last week I missed posting the weekly market update which contained the figures for September.  September ended with inventory at a 4 month supply.  It takes 4-5 months to build a new home (add a unit to supply).   In other words, we can build more homes!

 

 

 

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Twin Cities Weekly Real Estate Market Update 10/01/12

Minneapolis Area Association of Realtors weekly market report is out and shows continued inventory decline.   I don’t know how many different ways that can be said, but it is same old report every week – which is great!

In the Twin Cities region, for the week ending September 22:
• New Listings decreased 1.1% to 1,295
• Pending Sales increased 22.8% to 1,078
• Inventory decreased 29.4% to 16,428

Read Full Report from MAAR

In other words: There are 191 fewer homes for sale now than a week ago.  At this rate, we may see inventory drop below 16,000 by the end of October.

 

 

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Twin Cities Weekly Real Estate Market Update 9/24/12

Minneapolis Area Association of Realtors weekly report shows continued decrease in Inventory of Homes for sale in Minneapolis / St Paul, MN.

 

In the Twin Cities region, for the week ending September 15:

• New Listings increased 4.0% to 1,360
• Pending Sales increased 18.4% to 978
• Inventory decreased 29.5% to 16,479

Read Full Report from MAAR

Last week there were 128 fewer homes for sale than the week prior, I tracked this back a few weeks – you can view it as notes on the chart below.  I am trying to guess what the inventory may look like in a few weeks.  It is possible we could see the inventory dip below 16,000 within a few weeks.

Inventory is of course only half of the equation of Supply & Demand, but if there is Little Supply it only takes a modest amount of Demand to increase prices.

With QE3 pumping $40 Billion per month into the market buying mortgage-backed securities, we are likely to see lower rates and increased demand for the short-term.  In essence, the Fed is trying to re-inflate the housing bubble.   If you are in a position to take advantage of these low rates, I would.  My personal fear is what is going to happen down the road when the bills come due on the $40 Billion per month, whether the money is printed or borrowed – there may be some real pain involved later.

 

 

 

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Twin City Real Estate Market Update: Sept 17 2012

This week’s weekly market update from Minneapolis Area Association of Realtors shows the continued trend of decreasing inventory.  Pending sales are making their seasonal downward trend but remain 24.2% above a year ago.   This inventory level hasn’t been seen since 2004.

In the Twin Cities region, for the week ending September 8:

• New Listings increased 2.2% to 1,273
• Pending Sales increased 24.2% to 940
• Inventory decreased 29.6% to 16,458

Read Full Report from MAAR

 

Twin Cities Weekly Real Estate Market Update 09/10/12

Another market update from the Minneapolis Area Association of Realtors showing continued market improvement in the Twin Cities.  There are 221 fewer properties for sale from last week bringing the inventory down to 16,676.

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

• New Listings decreased 10.1% to 1,171
• Pending Sales increased 13.3% to 1,025
• Inventory decreased 30.0% to 16,676

For the month of August:

• Median Sales Price increased 15.5% to $179,000
• Days on Market decreased 24.1% to 107
• Percent of Original List Price Received increased 4.2% to 95.1%
• Months Supply of Inventory decreased 42.7% to 4.1

Read Full Report from MAAR

Months Supply of Inventory is down to 4.1 Months!   4 Months a very important number, it take 3-4 months to build a new house.  In other words:  the market can absorb new homes as they are built.  This low inventory is showing pressure on Median Sales price which increased to $179,000,  as well as sellers getting 95.1% of their asking price and days on market declining to 107 days.   All positive signs.

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 Read Full Report from MAAR

 

 

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