Weekly Market Activity Report

As winter continues its streak of cold and snow, sales activity in the Twin Cities housing market is moving along at a pace you’d expect for the season and at about the same pace as a year ago. Pending sales for the week ending January 30 came in at 650, down very slightly from the mark of 673 seen during the same week last year. Over the last three months, there have been 7,038 signed purchase agreements, up a sliver-sized 0.7 percent from a year ago.

Despite the tax credit being made available to current homeowners, new listing activity has yet to show any noticeable jump. The 1,584 new listings for the most recent reporting week represent a dip of 3.1 percent from a year ago. Total inventory of available homes is still down from last year by 16.5 percent.

In related news, Days on Market Until Sale is still dropping while the Percent of Original List Price Received at Sale is still growing. While that’s good news on both fronts for home sellers in general, different price points and neighborhoods are experiencing dramatically different market conditions.

Weekly Market Activity Report

The January 2010 Twin Cities housing market has shaped up to be nearly identical to January 2009.

• Pending sales are down slightly from a year ago, but not by much.
• New listings are down slightly from a year ago, but not much.
• Inventory is rising slowly, but not much.

After the roller coaster ride the local market has experienced over the last four years, perhaps “not by much” is a welcome respite.

• There were 558 signed purchase agreements for the week ending January 23, down 2.3 percent from a year ago.
• New listings posted 1,522 units, down 0.6 percent from a year ago.
• The current inventory of active listings is 20,629, down 17.5 percent from a year ago.

The February 2010 Supply-Demand Ratio sits at 6.99, which means there are 6.99 homes available for each buyer. That’s a drop of 8.5 percent from a year ago and the lowest February mark since 2006.

Weekly Market Activity Report

Activity continues to pick up in the Twin Cities housing market as sellers and buyers bid a sad farewell to the Vikings’ football season and the dormant holiday market begins to thaw. New listings, sales and inventory are steadily increasing as we prepare for the spring selling season.

For the week ending January 16 there were 571 signed purchase agreements, up 4.0 percent from a year ago. That’s only the second week of year-over-year increase in the last nine. New listings were 8.3 percent higher than a year ago at 1,668, and the total inventory of homes available for sale currently sits at 20,459, down 18.9 percent from last year at this time.

With an extreme shortage of inventory in some of the lower price ranges, new listings may be welcome in that segment for the first time in several years. In the upper price ranges, sales activity is still declining and new sellers face a tougher market.

Weekly Market Activity Report

The first full week of reporting for the 2010 Twin Cities housing market is in and while there are a few “green shoots,” it’s becoming apparent so far that the market won’t see the same spectacular growth in sales it saw at the beginning of 2009.

There were 520 pending sales for the week ending January 9, down 1.7 percent from the same week in 2009. That’s the seventh week of the last nine to see slightly fewer sales than the prior year, a time period that coincides closely with the initial expiration date of the first-time home buyer tax credit. However, we’re still 21.2 percent higher than the pace in 2008 for that period.

As you likely know, the credit’s been expanded to include a $6,500 incentive for buyers who have owned a home for five years of the last eight. Since we can safely assume that many of these buyers will need to sell their home first before buying a new one and receiving the credit, new listings numbers might shed light on how much effect the new credit is having. So far, it doesn’t appear to be much.

Over the last three months, the number of new listings has been 11.7 percent behind the same period one year prior. With many looking for continued “seedlings” of hope in the local housing market, this isn’t welcome news. As always, we’ll be keeping a close eye on the evolving market and reporting back what we see.

Weekly Market Activity Report

Housing activity for the week ending January 2, 2010 took a predictable surge upward following the holiday break. New listings rose to 688 for the week—down 37.3 percent from a year ago—while pending sales posted a number of 378—down 11.7 percent from a year ago. We will likely have to wait another week for all the holidays and frosty weather to get flushed from our year-over-year comparisons to get a full understanding of where our market is headed.

A few additional stats for the New Year:

Housing Affordability continues at historic levels: rising to 208 for January, an 8.3 percent increase from the previous year and a good sign for buyers in the year to come.

The Months’ Supply of Inventory is back in balanced market territory at 5.0 months. This is a dramatic 34.2 percent under the supply at the beginning of last year.

With a balancing supply and demand and the possibility of rising interest rates on the horizon, this is a unique opportunity time for Twin Cities’ home buyers.

Weekly Market Activity Report

The last week of 2009 found the Twin Cities housing market singing “Auld Lang Syne” and taking a breather. For the first time in four years, the active listing inventory dropped below 20,000. Chiming in the New Year at 18,980, inventory is at its lowest point since April 2005 and is 22 percent below last year at this time. Also of note, January’s Supply-Demand Ratio of 6.69 houses per buyer is 20.6 percent behind a year ago.

New listings for the week ending December 26 dropped 18.9 percent from last year to 446. The 392 purchase agreements for the week were up a merry 53.1 percent above the previous year; while a significant jump, this reflects a small sample size.

We expect 2010 to begin slowly as car starting becomes more important than house hunting during the frigid conditions we’re presently experiencing in the metro area.

Happy New Year,

I hope this year bring good things your way. I want to make sure your aware of tax credit available for first time home buyers and repeat home buyers.  First time home buyers will receive an $8000 tax credit if they have a purchase agreement in place by April 30, 2010, Repeat home buyers will receive $6500 if they have a purchase agreement by the same date. Also, interest rates are at records lows. If you know anyone looking to buy or sell a home, please pass along my name and contact information to them, or send me their contact information and I would be happy to contact them. This is a great time to buy a home.

Sincerly,

Brad Anderson

Realtor
Keller Williams Premier Realty
BradAndersonHomes@gmail.com

Weekly Market Activity Report

‘Twas the week before Christmas, and all through the market,
REALTORS® were selling houses in the Twin Cities, some wearing parkas.

For the week ending December 12, there was such a clatter,
Pending sales flattened out, unlike a step ladder.

542 for the week, which was 2.5 percent under last year,
When market volatility was in the stratosphere.

New listings were down to a more normal fashion,
With 1,028 added this week, a stable ration.

Santa may be bringing sellers some Christmas luck,
With the laws of supply and demand in flux.

“On Original Price, on Days on Market!” he calls,
But Housing Affordability makes sellers feel mighty tall.

With just one week left in the year 2009,
The Twin Town Market looks to end just fine.

Weekly Market Activity Report

The post-Thanksgiving bump is in effect for the Twin Cities housing market. The week ending December 5 saw pending sales swing upward from the previous week by 152 to settle at 551. This is 7.7 percent less than last year at this time, marking the third week of the last four to post pending sales numbers lower than a year ago. The aftermath of the tax credit’s initial expiration date is combining with the typical holiday slowdown to bring sales down.

Two other important metrics:

Months Supply of Inventory – At 5.7, this is the lowest MSI in more than two years and a full 32.9 percent below last year. This bodes well for sellers in general, but the higher price ranges are still buyer’s markets.

Housing Affordability Index – At 207 and improving, this is welcome news. This means that the average family income in the Twin Cities region is 207 percent of what it takes to qualify to purchase the median priced home.

December Housing Supply Outlook

The December Housing Supply Outlook just hit the streets. As usual, here’s some bullets to digest:

Takeaway #1: In the overall Twin Cities market, home sellers are now getting closer to their original asking prices than they were a year ago. Dig a little deeper, however, and it becomes clear that it’s only the Single-Family Detached segment that’s seeing improvement. The lowest mark for Percent of Original List Price Received at Sale can be found in previously owned condominiums, which post a low mark of 88.6 percent.

Takeaway #2: Home sales continue to look the strongest in the more affordable price ranges. Homes below $190,000 are selling at a 49.9 percent faster clip over the last 12 months than they did the prior 12 months. Above $190,000, sales are down by 10.5 percent.

Takeaway #3: That’s caused some large differences in our calculation of Months Supply of Inventory by price range. The lower price ranges are extreme seller’s markets, while the higher prices ranges still present sellers with challenging conditions.

Click here to view the full Housing Supply Outlook.