Brad Anderson\’s Blog

Weekly Market Activity Report

For the week ending July 23, Twin Cities home-buying activity increased 54.3 percent while home-listing activity declined 13.2 percent compared to the same week in 2010. Buyers entered into 1,040 purchase agreements while sellers brought 1,380 new properties onto the market.Sales are up, listings are down. We’ve heard it all summer. What else is new? Well, inventory levels are down 17.0 percent from 2010, which is the largest decline in 80 weeks or since January 2010. Buyers now have 24,897 properties from which to choose.Let’s visit some monthly numbers as well. The average amount that sellers receive on their asking price declined 2.1 percent in June to 91.4. Market times were up 17.7 percent to 140 days, prices were down 9.3 percent to $165,000. Each decrease or increase was the smallest in several months. Meanwhile, months supply of inventory shrunk 0.1 percent to 8.1, the first small yet measurable decline in 12 months.

Weekly Market Activity Report

As compared to the second-half 2010 market-wide slowdown once the tax credit expired, seller activity remains below 2010 levels while buyer activity is rising up in line with historic norms.Twin Cities home sellers brought 1,478 properties to the market, or 8.7 percent fewer than the same week last year. Buyers signed 1,064 purchase agreements, or 59.8 percent more than last year. That™s the largest year-over-year increase in pending sales since the third week in November 2008, greater than any single week during the 2009 and 2010 tax credits. Pent up demand, anyone?The number of active listings has seen 22 straight weeks of year-over-year declines and seven weeks of month-to-month declines. It™s currently down 17.2 percent to 24,712. Inventory in 2011 peaked around 26,000 properties, down considerably from a 2007 peak of 36,700. Slowed listings, falling supply and relatively strong sales have finally begun to draw down absorption rates. Months supply of inventory enjoyed its first decline in a year “ suggesting balance lies ahead.

Weekly Market Activity Report

As compared to the second-half 2010 market-wide slowdown once the tax credit expired, seller activity remains below 2010 levels while buyer activity is rising up in line with historic norms.Twin Cities home sellers brought 1,478 properties to the market, or 8.7 percent fewer than the same week last year. Buyers signed 1,064 purchase agreements, or 59.8 percent more than last year. That™s the largest year-over-year increase in pending sales since the third week in November 2008, greater than any single week during the 2009 and 2010 tax credits. Pent up demand, anyone?The number of active listings has seen 22 straight weeks of year-over-year declines and seven weeks of month-to-month declines. It™s currently down 17.2 percent to 24,712. Inventory in 2011 peaked around 26,000 properties, down considerably from a 2007 peak of 36,700. Slowed listings, falling supply and relatively strong sales have finally begun to draw down absorption rates. Months supply of inventory enjoyed its first decline in a year “ suggesting balance lies ahead.

Weekly Market Activity Report

As compared to the second-half 2010 market-wide slowdown once the tax credit expired, seller activity remains below 2010 levels while buyer activity is rising up in line with historic norms.Twin Cities home sellers brought 1,478 properties to the market, or 8.7 percent fewer than the same week last year. Buyers signed 1,064 purchase agreements, or 59.8 percent more than last year. That™s the largest year-over-year increase in pending sales since the third week in November 2008, greater than any single week during the 2009 and 2010 tax credits. Pent up demand, anyone?The number of active listings has seen 22 straight weeks of year-over-year declines and seven weeks of month-to-month declines. It™s currently down 17.2 percent to 24,712. Inventory in 2011 peaked around 26,000 properties, down considerably from a 2007 peak of 36,700. Slowed listings, falling supply and relatively strong sales have finally begun to draw down absorption rates. Months supply of inventory enjoyed its first decline in a year “ suggesting balance lies ahead.

Weekly Market Activity Report

Home sales in the Twin Cities housing market continue to show strong year-over-year growth, but we must continue to point out that this is mostly due to how extraordinarily quiet last year was at this time following the expiration of the federal home buyer tax credit.For the week ending July 9, there were 788 pending sales, an increase of 40.2 percent from a year ago. The amount of signed purchase agreements seen in recent weeks is similar to the activity for the same weeks in the summer of 2008.The good news is that fewer homes are being listed, which is helping to dampen any potential for an oversupply problem. Over the last three months, there have been roughly 1,400 fewer new listings than during the same period in 2010, and the inventory of available homes for sale is down 16.1 percent from this time last year.As always, balance between buyers and sellers plus a healthy, sustainable market is the ultimate goal.

Weekly Market Activity Report

Home sales in the Twin Cities housing market continue to show strong year-over-year growth, but we must continue to point out that this is mostly due to how extraordinarily quiet last year was at this time following the expiration of the federal home buyer tax credit.For the week ending July 9, there were 788 pending sales, an increase of 40.2 percent from a year ago. The amount of signed purchase agreements seen in recent weeks is similar to the activity for the same weeks in the summer of 2008.The good news is that fewer homes are being listed, which is helping to dampen any potential for an oversupply problem. Over the last three months, there have been roughly 1,400 fewer new listings than during the same period in 2010, and the inventory of available homes for sale is down 16.1 percent from this time last year.As always, balance between buyers and sellers plus a healthy, sustainable market is the ultimate goal.

Weekly Market Activity Report

 For the week ending July 2, there were 1,057 purchase agreements, a 58.2 percent increase over the 668 seen during the same week last year. Let’s sprinkle in some context. Over the past 10 weeks in the Twin Cities metro area, pending sales have increased slightly from 986 to 1,057. Over the same 10 weeks in 2010, pending sales plunged from a credit-inspired 1,505 to an unimpressive 668. The resulting year-over-year comparisons? Three consecutive weeks of 50.0 percent or greater gains and eight consecutive weeks of double-digit gains in buyer activity. On the seller side, activity remains comparable with 2010 levels. The 1,396 new properties added to the market were only 0.7 percent under year-ago levels. Strong sales gains coupled with stagnant listing activity is dramatically drawing down inventory levels. There are currently 25,613 homes being actively marketed in NorthstarMLS. That’s down 15.6 percent from the 30,072 seen at this time last year, which is the largest inventory decline since January 2010.

Weekly Market Activity Report

 For the week ending July 2, there were 1,057 purchase agreements, a 58.2 percent increase over the 668 seen during the same week last year. Let’s sprinkle in some context. Over the past 10 weeks in the Twin Cities metro area, pending sales have increased slightly from 986 to 1,057. Over the same 10 weeks in 2010, pending sales plunged from a credit-inspired 1,505 to an unimpressive 668. The resulting year-over-year comparisons? Three consecutive weeks of 50.0 percent or greater gains and eight consecutive weeks of double-digit gains in buyer activity. On the seller side, activity remains comparable with 2010 levels. The 1,396 new properties added to the market were only 0.7 percent under year-ago levels. Strong sales gains coupled with stagnant listing activity is dramatically drawing down inventory levels. There are currently 25,613 homes being actively marketed in NorthstarMLS. That’s down 15.6 percent from the 30,072 seen at this time last year, which is the largest inventory decline since January 2010.

Weekly Market Report
Week of June 20, 2011
Pending sales in the 13-county Twin Cities were up 33.7 percent compared to the same week during the post-credit cool-down of 2010. In total, 901 home buyers entered into purchase contracts. This marks the fifth consecutive week of double-digit year-over-year gains in pending sales activity. The last time we could proudly display that badge was for the week ending November 7, 2009.Seller activity wasn’t quite as robust. New listings were down 9.1 percent from 2010 to 1,572 new properties. Increased sales activity in conjunction with stable or falling listing activity should be met with continued market correction, including faster absorption rates, quicker market times and fewer seller concessions.Inventory levels have begun to round off their seasonal peak, posting their first week-to-week decline in 18 weeks. The 24,078 active listings currently for sale represent 11.6 percent fewer than the same time last year.Moral of the story: with every new week of truly comparable, unbiased data, our perception of the market gets more and more clear. Though we still have a ways to go, we like what we’re seeing.

Weekly Market Report
Week of June 20, 2011
Pending sales in the 13-county Twin Cities were up 33.7 percent compared to the same week during the post-credit cool-down of 2010. In total, 901 home buyers entered into purchase contracts. This marks the fifth consecutive week of double-digit year-over-year gains in pending sales activity. The last time we could proudly display that badge was for the week ending November 7, 2009.Seller activity wasn’t quite as robust. New listings were down 9.1 percent from 2010 to 1,572 new properties. Increased sales activity in conjunction with stable or falling listing activity should be met with continued market correction, including faster absorption rates, quicker market times and fewer seller concessions.Inventory levels have begun to round off their seasonal peak, posting their first week-to-week decline in 18 weeks. The 24,078 active listings currently for sale represent 11.6 percent fewer than the same time last year.Moral of the story: with every new week of truly comparable, unbiased data, our perception of the market gets more and more clear. Though we still have a ways to go, we like what we’re seeing.