If only there were a system of grand, colorful lights for tracking residential real estate. Green for rising market, yellow for a transitional market and red for declining market. Let's see if we can try to determine today's market without the ease of well-known signals. Prices are bottoming and starting to rise. Buyer activity is showing year-over-year gains. Homes are selling faster and closer to list price. Multiple offers are becoming commonplace. Inventory levels are leaning toward the seller. Green means go.
In the Twin Cities region, for the week ending May 5:
New Listings decreased 6.6% to 1,643
Pending Sales increased 41.9% to 1,232
Inventory decreased 28.3% to 17,579
For the month of April:
Median Sales Price increased 12.1% to $162,500
Days on Market decreased 15.1% to 135
Percent of Original List Price Received increased 3.6% to 93.4%
Job growth, low mortgage rates, rising rents and a relatively inexpensive housing stock. These are just some of the playful teases in the burlesque revue that is today's market recovery. Another week passed with buyers displaying no signs of slowing down. In general, sellers are discovering a less-intimidating scene, and buyers are reveling in the showy marketplace. As expected, spring's warming glow continues to fuel optimism and consumer activity. But that won't necessarily be the case in every area or segment, so do your research before making that move.
In the Twin Cities region, for the week ending April 14:
New Listings decreased 9.5% to 1,637
Pending Sales increased 25.5% to 1,170
Inventory decreased 27.8% to 17,384
For the month of March:
Median Sales Price increased 7.1% to $149,900
Days on Market decreased 9.6% to 145
Percent of Original List Price Received increased 3.8% to 92.1%
Job growth, low mortgage rates, rising rents and a relatively inexpensive housing stock. These are just some of the playful teases in the burlesque revue that is today's market recovery. Another week passed with buyers displaying no signs of slowing down. In general, sellers are discovering a less-intimidating scene, and buyers are reveling in the showy marketplace. As expected, spring's warming glow continues to fuel optimism and consumer activity. But that won't necessarily be the case in every area or segment, so do your research before making that move.
In the Twin Cities region, for the week ending April 14:
New Listings decreased 9.5% to 1,637
Pending Sales increased 25.5% to 1,170
Inventory decreased 27.8% to 17,384
For the month of March:
Median Sales Price increased 7.1% to $149,900
Days on Market decreased 9.6% to 145
Percent of Original List Price Received increased 3.8% to 92.1%
The weekly scorecard showcases that home buyers were more active compared to the same week last year. Buyers have been taking advantage of an affordable market, but sellers in many areas have been lazing in the tall grass like lions as the herd moves past. Watch for a changing landscape this spring and summer. Even skeptical sellers are sensing a need to get back into the hunt.
In the Twin Cities region, for the week ending March 31:
New Listings decreased 12.1% to 1,532
Pending Sales increased 25.2% to 1,113
Inventory decreased 27.2% to 17,274
For the month of March:
Median Sales Price increased 6.4% to $149,000
Days on Market decreased 10.0% to 144
Percent of Original List Price Received increased 3.7% to 92.1%
The weekly scorecard showcases that home buyers were more active compared to the same week last year. Buyers have been taking advantage of an affordable market, but sellers in many areas have been lazing in the tall grass like lions as the herd moves past. Watch for a changing landscape this spring and summer. Even skeptical sellers are sensing a need to get back into the hunt.
In the Twin Cities region, for the week ending March 31:
New Listings decreased 12.1% to 1,532
Pending Sales increased 25.2% to 1,113
Inventory decreased 27.2% to 17,274
For the month of March:
Median Sales Price increased 6.4% to $149,000
Days on Market decreased 10.0% to 144
Percent of Original List Price Received increased 3.7% to 92.1%
The last time you were at the doctor, your vital signs were checked – heart rate, pulse, temperature and blood pressure. Progress was documented and valuable insights were gained, whether it was a routine visit or one of many checks during an extended hospital stay. The housing market has been in and out of intensive care for the past several years. Monitoring vitals matters, and that's what you'll find on the following pages. The pulse of today's market indicates that we may be getting ready to leave the ICU. So if you could just please pull up your sleeve, let's check your blood pressure.
In the Twin Cities region, for the week ending March 24:
New Listings increased 2.2% to 1,414
Pending Sales increased 30.2% to 1,052
Inventory decreased 27.3% to 17,193
For the month of February:
Median Sales Price decreased 1.4% to $138,000
Days on Market decreased 9.0% to 145
Percent of Original List Price Received increased 2.5% to 90.6%
The last time you were at the doctor, your vital signs were checked – heart rate, pulse, temperature and blood pressure. Progress was documented and valuable insights were gained, whether it was a routine visit or one of many checks during an extended hospital stay. The housing market has been in and out of intensive care for the past several years. Monitoring vitals matters, and that's what you'll find on the following pages. The pulse of today's market indicates that we may be getting ready to leave the ICU. So if you could just please pull up your sleeve, let's check your blood pressure.
In the Twin Cities region, for the week ending March 24:
New Listings increased 2.2% to 1,414
Pending Sales increased 30.2% to 1,052
Inventory decreased 27.3% to 17,193
For the month of February:
Median Sales Price decreased 1.4% to $138,000
Days on Market decreased 9.0% to 145
Percent of Original List Price Received increased 2.5% to 90.6%
In another sign that the six-year long housing slump could be coming to an end, the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) reached 28. To put that in perspective, it went from above 70 in 2005 to below 10 in 2009. The HMI has not seen 28 since June 2007. This and other landmark data points are coalescing to signal calmer waters ahead. That's not to say you should expect double-digit annualized appreciation, but both buyers and sellers are displaying the sort of confidence that is fluttering through the rest of the economy.
In the Twin Cities region, for the week ending March 17:
New Listings decreased 1.3% to 1,406
Pending Sales increased 23.1% to 1,029
Inventory decreased 27.5% to 17,088
For the month of February:
Median Sales Price decreased 1.4% to $138,000
Days on Market decreased 9.0% to 145
Percent of Original List Price Received increased 2.5% to 90.6%
In another sign that the six-year long housing slump could be coming to an end, the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) reached 28. To put that in perspective, it went from above 70 in 2005 to below 10 in 2009. The HMI has not seen 28 since June 2007. This and other landmark data points are coalescing to signal calmer waters ahead. That's not to say you should expect double-digit annualized appreciation, but both buyers and sellers are displaying the sort of confidence that is fluttering through the rest of the economy.
In the Twin Cities region, for the week ending March 17:
New Listings decreased 1.3% to 1,406
Pending Sales increased 23.1% to 1,029
Inventory decreased 27.5% to 17,088
For the month of February:
Median Sales Price decreased 1.4% to $138,000
Days on Market decreased 9.0% to 145
Percent of Original List Price Received increased 2.5% to 90.6%
