New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending March 17, 2018
The Federal Reserve raised its key short-term interest rate from 1.50 to 1.75 percent, citing inflation concerns in an improved economy with rising wages and low unemployment. Borrowing money will be more expensive, particularly for home equity loans, credit cards and adjustable rate mortgages. Although it is the Fed’s sixth rate increase since December 2015, rates remain historically low. Home buyers should be aware that at least two more rate increases are expected this year.
In the Twin Cities region, for the week ending March 17:
- New Listings decreased 10.7% to 1,562
- Pending Sales decreased 9.2% to 1,188
- Inventory decreased 23.2% to 8,123
For the month of February:
- Median Sales Price increased 12.7% to $250,000
- Days on Market decreased 15.9% to 69
- Percent of Original List Price Received increased 1.6% to 98.0%
- Months Supply of Inventory decreased 15.8% to 1.6
All comparisons are to 2017
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
February Monthly Skinny Video
“Markets are eager for increased supply, particularly at the affordable end, so there is hope that some sellers will take advantage of an excellent move up opportunity.”
Mortgage Rates Hold Steady After Last Week’s Drop
The Federal Reserve raised interest rates today – a much-anticipated move that comes as both U.S. and global economic fundamentals continue to strengthen. The Fed’s decision to raise interest rates by a quarter of a percentage point puts the federal funds rate at its highest level since 2008. The decision, while widely expected, sent the yield on the benchmark 10-year Treasury soaring. Following Treasurys, mortgage rates shrugged off last week’s drop and continued their upward march. The U.S. weekly average 30-year fixed mortgage rate rose 1 basis point to 4.45 percent in this week’s survey.
Existing Home Sales
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending March 10, 2018
There is not much new to report this week compared to last week or the week before, but that is more good news than bad news at this juncture of the year. It’s true that more homes listed for sale would be welcome for a housing market ready for an influx of options. At the same time, there is ample evidence of buyers making the most of what is present on the market now. Contracts are being signed, and the prices being paid continue to prove demand.
In the Twin Cities region, for the week ending March 10:
- New Listings decreased 20.3% to 1,419
- Pending Sales decreased 9.5% to 1,069
- Inventory decreased 21.7% to 8,006
For the month of February:
- Median Sales Price increased 12.7% to $250,000
- Days on Market decreased 15.9% to 69
- Percent of Original List Price Received increased 1.6% to 98.0%
- Months Supply of Inventory decreased 21.1% to 1.5
All comparisons are to 2017
Click here for the full Weekly Market Activity Report. From The Skinny Blog.
Sales down in early spring market while prices rally
By David Arbit on Friday, March 16th, 2018
The big story of 2017 was threefold: the median sales price reached an all-time high; closed sales reached a 12-year high; and inventory levels reached a 15-year low. Sales nearly broke their all-time record, but fell just short of their all-time 2004 high. In February 2018, new listings posted a year-over-year decline for a fourth consecutive month. Mostly due to the supply shortage, closed sales were lower compared to the year prior for a third consecutive month. For-sale housing supply (inventory) was 23.0 percent lower than February 2017. This shortage has created a competitive environment where multiple offers have become commonplace. Sellers are receiving strong offers close to their original list price in record time, which can sometimes frustrate home buyers. New construction closed sales rose 15.7 percent compared to last February. Although single-family homes made up about 73.0 percent of all sales, condos and townhomes showed the strongest increase in closed sales. Similarly, previously-owned homes made up about 88.7 percent of sales but new construction showed a much stronger increase in pending and closed purchase activity.
February 2018 by the Numbers
- Sellers listed 5,072 properties on the market, an 8.0 percent decrease from February 2017
- Buyers closed on 2,635 homes, a 6.0 percent decrease from 2017
- Inventory levels for February fell 23.0 percent compared to 2017 to 7,537 units, near a 15-year low
- Months Supply of Inventory was down 21.1 percent to 1.5 months, also near a 15-year low
- The Median Sales Price rose 12.7 percent to $250,000, a record high for February
- Cumulative Days on Market declined 15.9 percent to 69 days, on average (median of 38)—a 12-year low
- Changes in sales activity varied by market segment
- Single-family sales fell 8.3 percent; condo sales rose 1.9 percent; townhome sales rose 6.3 percent
- Traditional sales fell 1.3 percent; foreclosure sales fell 43.3 percent; short sales fell 39.6 percent
- Previously-owned sales fell 6.3 percent; new construction sales rose 15.7 percent
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