New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending May 1, 2021
The National Association of Home Builders’ latest Housing Trends Report found that in Q1 2021, 16% of American adults were looking to purchase a home in the next 12 months, up from 10% from a year ago and now at the highest level since Q1 2018. The Millennial generation saw the largest change in expectations year over year, with 32% planning to buy in the next 12 months, double the levels seen in Q1 2020.
In the Twin Cities region, for the week ending May 1:
- New Listings increased 10.8% to 1,730
- Pending Sales increased 25.5% to 1,534
- Inventory decreased 47.8% to 5,406
For the month of March:
- Median Sales Price increased 10.5% to $328,231
- Days on Market decreased 36.1% to 39
- Percent of Original List Price Received increased 2.7% to 101.9%
- Months Supply of Homes For Sale decreased 47.4% to 1.0
All comparisons are to 2020
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending April 24, 2021
A bit of good news this week on the home affordability front as the 30-year fixed-rate mortgage slipped below 3 percent to 2.97%, according to Freddie Mac. The benchmark 30-year fixed-rate mortgage rate, while still higher than a few months ago, remains more than one third of a percent less than the same time last year. The slight pullback in rates may be short lived, however, as Nadia Evangelou, senior economist for the National Association of REALTORS®, still expects rates to rise in the coming months.
In the Twin Cities region, for the week ending April 24:
- New Listings increased 14.5% to 1,687
- Pending Sales increased 38.4% to 1,509
- Inventory decreased 47.5% to 5,337
For the month of March:
- Median Sales Price increased 10.4% to $328,000
- Days on Market decreased 36.1% to 39
- Percent of Original List Price Received increased 2.7% to 101.9%
- Months Supply of Homes For Sale decreased 47.4% to 1.0
All comparisons are to 2020
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending April 17, 2021
A new analysis by housing giant Freddie Mac suggests that the U.S. housing market needs 3.8 million more single-family homes nationwide to meet demand. Sam Khater, Freddie Mac’s chief economist, noted “we should have almost four million more housing units if we had kept up with demand the last few years.” While new construction activity has increased in recent years, it has never fully recovered to its previous peak more than fifteen years ago.
In the Twin Cities region, for the week ending April 17:
- New Listings increased 19.0% to 1,582
- Pending Sales increased 45.3% to 1,481
- Inventory decreased 47.6% to 5,276
For the month of March:
- Median Sales Price increased 10.4% to $328,000
- Days on Market decreased 36.1% to 39
- Percent of Original List Price Received increased 2.7% to 101.9%
- Months Supply of Homes For Sale decreased 55.0% to 0.9
All comparisons are to 2020
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Tight market pushes home prices to new record high in Twin Cities
Inventory hits an 18-year low with buyers competing for fewer listings
(April 16, 2021) – According to new data from the Minneapolis Area REALTORS® and the Saint Paul Area Association of REALTORS®, the median price of a home in the 16-county Twin Cities metro increased 10.3 percent from last March to a record high of $327,500. Prices were driven in part by a lack of supply.
The number of homes for sale at the end of March was half of what was available a year ago. That marks an 18-year low and amounts to 0.9 months of supply. A balanced market typically has 4-6 months of supply. Market times shrank 37.7 percent to 38 days and multiple offers remain commonplace.
“Demand is still growing faster than supply,” according to Tracy Baglio, President of the Saint Paul Area Association of REALTORS®. “With less than one month of supply, buyers must be patient and understand they may lose out on a few bids before an offer is accepted. Be ready to act fast.”
Sellers listed 11.6 percent fewer homes than March 2020, offering little relief to buyers eager for more options. However, sales activity climbed above year-ago levels for the tenth straight month. Buyers continue to be motivated by attractive mortgage rates, a healing labor market and a desire for more space.
“On top of lightning-fast market times, those who choose to sell their home are often rewarded with offers at or above asking price,” said Todd Walker, President of Minneapolis Area REALTORS®. “For buyers, that means writing strong, straightforward offers right away. For sellers, it means their listings will stand out and will likely sell quickly at full price or better.”
Activity varies by area, price point and property type. Sales were up 31.9 percent in Minneapolis and 9.5 percent in St. Paul, suggesting demand remains strong in the core cities. Condos sales rose 31.7 percent, outpacing single-family and townhomes. New construction sales rose 25.5 percent while previously owned homes rose 0.7 percent. Sales of luxury properties ($1M+) have been soaring—up 70.9 percent from last March.
March 2021 by the numbers compared to a year ago
- Sellers listed 6,587 properties on the market, an 11.6 percent decrease from last March
- Buyers signed 5,747 purchase agreements, up 12.1 percent (4,342 closed sales, up 2.9 percent)
- Inventory levels fell 50.7 percent to 4,907 units
- Months Supply of Inventory was down 52.6 percent to 0.9 months (4-6 months is balanced)
- The Median Sales Price rose 10.3 percent to $327,500
- Days on Market decreased 37.7 percent to 38 days, on average (median of 11, down 57.7 percent)
- Changes in Sales activity varied by market segment
- Single family sales were down 1.1 percent; condo sales rose 31.7 percent; townhome sales increased 8.7 percent
- Traditional sales rose 4.5 percent; foreclosure sales were down 42.9 percent; short sales fell 63.2 percent
- Previously owned sales were up 0.7 percent; new construction sales climbed 25.2 percent
- « Previous Page
- 1
- …
- 81
- 82
- 83
