Inventory
Weekly Market Report
For Week Ending October 20, 2018
In general, the country is experiencing a balanced real estate market in one form or another, depending on geographic location. While it is true that median sales prices are relatively high in terms of housing affordability for the standard household wage, metrics such as new listings, pending sales and inventory are all fairly level with year-ago levels in much of the nation. At a time of stock market volatility, political uncertainty and rising interest rates, this is very welcome news.
In the Twin Cities region, for the week ending October 20:
- New Listings increased 4.3% to 1,387
- Pending Sales decreased 5.6% to 1,021
- Inventory decreased 2.3% to 12,397
For the month of September:
- Median Sales Price increased 6.1% to $262,000
- Days on Market decreased 16.0% to 42
- Percent of Original List Price Received increased 0.3% to 98.4%
- Months Supply of Inventory remained flat at 2.6
All comparisons are to 2017
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Mortgage Rates Inch Forward
October 25, 2018
Despite volatility in the stock market, the 30-year fixed-rate mortgage inched forward just 1 basis point to 4.86 percent this week. We expect rates to continue to rise, which will put downward pressure on homebuying activity. While higher borrowing costs will keep some people out of the market, buyers with more flexibility could take advantage of the decreased competition.
Information provided by Freddie Mac.
September Monthly Skinny Video
“Sales may very well be up next month as the market continues to search for sales balance.”
Existing Home Sales
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending October 13, 2018
It is that rare two-week window when not only politicians battle each other in order to convince voters who is best, but when professional football, baseball, hockey and basketball teams are battling for dominance in their respective sports. Competition is in the air, and yet the bulk of residential real estate markets across the country continue to enjoy a fair and balanced playing field. Even inventory, which has been down for years, is not looking so far from year-ago levels.
In the Twin Cities region, for the week ending October 13:
- New Listings increased 1.6% to 1,389
- Pending Sales decreased 1.6% to 1,064
- Inventory decreased 2.9% to 12,494
For the month of September:
- Median Sales Price increased 6.1% to $262,000
- Days on Market decreased 16.0% to 42
- Percent of Original List Price Received increased 0.3% to 98.4%
- Months Supply of Inventory remained flat at 2.6
All comparisons are to 2017
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Mortgage Rates Take a Breather
The modest decline in mortgage rates is a welcome respite from the rapid increase in rates the last few weeks. While the housing market has clearly softened in reaction to the rise in mortgage rates, the economy and consumer sentiment remain very robust and that will sustain purchase demand, particularly in affordable markets and neighborhoods.
Information provided by Freddie Mac.
More Early Signs of Shifting Market Tides
By David Arbit on Wednesday, October 17th, 2018
After years of strong buyer activity and weak seller activity, the market tides seem to finally be shifting back toward balance. Strong demand and weak supply have created an environment that favors sellers. But if anything can be called a constant in the market—it’s change. Four of the last five months showed increases in new listings; while four of the last five months also had decreases in pending sales.
While the market hasn’t quite transformed, the dynamics are shifting and the market is transitioning. September saw the smallest decline in active listings since May 2015, and those long-awaited inventory gains could still happen this year. Months supply was down just 3.8 percent to 2.5 months. Today’s buyers still face plenty of competition over limited supply. However, a recent uptick in rates could further impact some budget-conscious buyers. Locking in at current levels would be advantageous in a rising rate environment.Sellers yielded an average of 98.4 percent of their original list price and 99.7 percent of their current list price, partly illustrating that the shortage still looms. The lack of supply is especially noticeable at the entry-level prices, where multiple offers and homes selling for over list price have become commonplace. The move-up and upper-bracket segments are less competitive and—for the most part—much better supplied. It’s noteworthy that inventory levels could double while sales remain stable and we’d still have less than 5 months of supply.
September 2018 by the Numbers (compared to a year ago)• Sellers listed 6,857 properties on the market, a 5.9 percent increase
• Buyers closed on 5,087 homes, a 5.8 percent decrease from last September
• Inventory levels for September fell 4.4 percent compared to 2017 to 12,570 units
• Months Supply of Inventory was down 3.8 percent to 2.5 months
• The Median Sales Price rose 6.1 percent to $262,000, a record high for September
• Cumulative Days on Market declined 16.0 percent to 42 days, on average (median of 24)
• Changes in Sales activity varied by market segment
• Single family sales fell 6.3 percent; condo sales declined 1.1 percent; townhome sales rose 0.4 percent
• Traditional sales fell 4.0 percent; foreclosure sales sank 41.1 percent; short sales dropped 25.0 percent
• Previously-owned sales were down 5.9 percent; new construction sales increased 11.5 percent
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