Monday, May 13th, 2013

Housing data also encompasses economics, politics, sociology, geography, labor markets and more. Even the largest transaction most people will ever make is susceptible to the same kinds of market forces that affect clothing choices at your favorite department store, the cost of your vacation, public transportation projects and where the next Starbucks is placed (or closed). Be watching the jobs numbers, fuel prices and election results. And keep using the best source of housing data around: your local MLS.

In the Twin Cities region, for the week ending May 4:

  • New Listings increased 10.7% to 1,825
  • Pending Sales increased 17.2% to 1,404
  • Inventory decreased 28.0% to 13,361

For the month of April:

  • Median Sales Price increased 12.0% to $182,000
  • Days on Market decreased 28.1% to 97
  • Percent of Original List Price Received increased 2.7% to 95.9%
  • Months Supply of Inventory decreased 38.0% to 3.1

Click here for the full Weekly Market Activity Report.From The Skinny.

Posted in Weekly Report |
Monday, May 13th, 2013

Minneapolis, Minnesota (May 10, 2013)– The last time the median home price for the Twin Cities 13-county metropolitan area was higher than it was in April 2013 was September 2008, marking the 14th consecutive month of year-over-year price gains. New listings were up 7.7 percent over April 2012 to 7,057 properties, and signed purchase agreements were up 16.0 percent to 5,507.

This is the highest pending sales count since May 2006. For the same time period, there were 4,138 closed sales, and inventory levels declined 29.3 percent to 13,113 active listings. Driven by the changing mix of sales, solid demand and falling supply, the median home price for the Twin Cities metro rose 12.2 percent to $182,312. The percentage of all new listings that were traditional, non-distressed homes rose to 77.9 percent, its highest level since October 2007. For closed sales, that figure rose to 68.4 percent, its highest level since July 2008.

Seller activity was up 7.7 percent overall, while traditional new listings were up 28.0 percent, foreclosure new listings were down 25.6 percent and short sale new listings were down 39.5 percent. The 10K Housing Value Index – which controls for data variability – showed an 8.5 percent increase to $181,381. With only 3.1 months supply of inventory, more seller participation in the market is important to continued recovery.

Read The Full Article Here

Monday, May 13th, 2013
Minneapolis, Minnesota (May 10, 2013) – The last time the median home price for the Twin Cities 13-county metropolitan area was higher than it was in April 2013 was September 2008, marking the 14th consecutive month of year-over-year price gains. New listings were up 7.7 percent over April 2012 to 7,057 properties, and signed purchase agreements were up 16.0 percent to 5,507.

This is the highest pending sales count since May 2006. For the same time period, there were 4,138 closed sales, and inventory levels declined 29.3 percent to 13,113 active listings. Driven by the changing mix of sales, solid demand and falling supply, the median home price for the Twin Cities metro rose 12.2 percent to $182,312. The percentage of all new listings that were traditional, non-distressed homes rose to 77.9 percent, its highest level since October 2007. For closed sales, that figure rose to 68.4 percent, its highest level since July 2008.

Seller activity was up 7.7 percent overall, while traditional new listings were up 28.0 percent, foreclosure new listings were down 25.6 percent and short sale new listings were down 39.5 percent. The 10K Housing Value Index – which controls for data variability – showed an 8.5 percent increase to $181,381. With only 3.1 months supply of inventory, more seller participation in the market is important to continued recovery.

The traditional median sales price was up 8.5 percent to $216,000; the foreclosure median sales price was up 11.7 percent to $134,000; the short sale median sales price was up 5.1 percent to $135,000. Traditional sales sold in 90 days; foreclosures sold in 94 days; short sales sold in 178 days, on average.

All information is according to the Minneapolis Area Association of REALTORS® (MAAR) based on data from the Regional Multiple Listing Service of Minnesota, Inc. MAAR is the leading regional advocate and provider of information services and research on the real estate industry for brokers, real estate professionals and the public. MAAR serves the Twin Cities 13-county metro area and western Wisconsin.

Posted in The Skinny |
Tuesday, May 7th, 2013

By Gaurav Seetharam

Gaurav is a member of The Motley Fool Blog Network — entries represent the personal opinion of the blogger and are not formally edited.

When the Federal Reserve releases the FOMC minutes, or Chairman Ben Bernanke give a press conference, Wall Street investors pay close attention. The events are always much-anticipated, but hardly ever surprising, since it makes no sense to alter current monetary policy until we have seen a full recovery.

Instead of engaging in that nonsensical game of ‘what-ifs’, let’s take a look at Federal Reserve Governor Elizabeth A. Duke’s speech to the Mortgage Bankers Association on her outlook of the market in 2013.

Fed Governors are incredibly smart people, so instead of using them as a magic 8-ball for monetary policy, we could listen to what they think about the economy. Duke was cautiously optimistic in her appraisal of the housing market, citing several factors that could adversely affect the recovery. Here are three important takeaways from her speech.

1) Traditional indicators are showing improvement.
Duke opened her speech on a positive note, with a nod to some encouraging indicators:

Read The Full Article Here

Tuesday, April 30th, 2013

JIM BUCHTA , Star Tribune

Low inventory and high demand helped trigger a 13th month of housing price increases.

It might not look like spring, but Twin Cities home sales are heating up.

Last month, buyers outnumbered sellers, triggering double-digit price increases and bidding wars in the metro’s most popular neighborhoods.

“This has certainly been a breath of fresh air,” said Kate Beckman, president of the St. Paul Area Association of Realtors.

The latest report provides more evidence that the housing market is continuing its recovery despite less-than-ideal shopping conditions.

During March there were 3,632 closings with a median price of $176,000 — a 17.4 percent increase over last year and the 13th-consecutive monthly increase in sale prices, according to the Minneapolis Area Association of Realtors (MAAR).

The spring thaw normally draws buyers out of hibernation, yet the recent cool temps didn’t seem to hamper shoppers. Closing sales were flat compared with last year, but pending sales — an indication of future closings — increased more than 6 percent despite a 31 percent decline in inventory that’s stifling an even more pronounced recovery.

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