Monday, July 21st, 2014

By Aubray Erhardt on Monday, July 14th, 2014

Pending sales are back and ready to rumble along with their trusty comrade, inventory. After a slower start to the year, the numbers are rallying for a comeback. However, one number not rising is the number of people filing for unemployment. According to the U.S. Department of Labor, jobless applications continued their downward trend. This could help families pad downpayment funds. With more inventory to choose from, there aren’t any cheap shots in this boxing match.

In the Twin Cities region, for the week ending July 5:

  • New Listings increased 14.8% to 1,269
  • Pending Sales increased 17.4% to 1,045
  • Inventory increased 7.7% to 17,587

For the month of June:

  • Median Sales Price increased 4.7% to $219,900
  • Days on Market decreased 6.8% to 69
  • Percent of Original List Price Received decreased 0.3% to 97.2%
  • Months Supply of Inventory increased 10.5% to 4.2

All comparisons are to 2013

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

Posted in Weekly Report |
Monday, July 21st, 2014

Where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity. Narrated by Cotty Lowry (2014 Treasurer, Minneapolis Area Association of REALTORS®), video produced by Chelsie Lopez.

Tuesday, January 28th, 2014

by The KCM Crew

Now that the housing market has stabilized, more 1.28 Blog Visualand more homeowners are considering moving up to the home they have always dreamed of. Prices are still below those of a few years ago and interest rates are still below 5%.

However, sellers should realize that waiting to make the move while mortgage rates are increasing probably doesn’t make sense. As rates increase, the price of the house you can buy will decrease. Here is a chart detailing this point:

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Tuesday, January 28th, 2014

 

Some say the big story of 2014 will be higher interest rates, some say it will be more inventory while others say it will be less foreclosure activity. The truth is likely to be an amalgamation of all of the above. The year 2013 was marked by variable but steady job growth, a good leading indicator of market activity. While consumers may be uneasy about higher rates, economic improvements can potentially offset any negative impact on affordability. The seasoned agent will recall a time when plenty of consumers were vying for properties when rates were double and triple what they are now.

In the Twin Cities region, for the week ending January 18:

• New Listings decreased 8.3% to 989

• Pending Sales decreased 24.8% to 591

• Inventory decreased 9.5% to 11,918

For the month of December:

• Median Sales Price increased 13.1% to $190,050

• Days on Market decreased 20.4% to 86

• Percent of Original List Price Received increased 1.0% to 94.7%

• Months Supply of Inventory decreased 15.6% to 2.7

 

Click Here to View Full Weekly Activity Report

Posted in Weekly Market Activity Reports |
Monday, January 27th, 2014

by The KCM Crew

There are many naysayers declaring that the housing market is still challenged. Young adults are burdened with too much student debt. Interest rate increases are killing demand. Homeownership is no longer seen as part of the American Dream.

We just want to let these naysayers know three things: 13,945 houses sold yesterday, 13,945 will sell today and 13,945 will sell tomorrow. 13,945!

That is the average number of homes that sell each and every day in this country according to the National Association of Realtors’ (NAR) latest Existing Home Sales Report. According to the report, there were 5.09 million homes sold in 2013. Divide that number by 365 (days in a year) and we can see that, on average, almost 14,000 homes sell every day.

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