Weekly Market Activity Report

Let’s take a trip in the WABAC Machine (pronounced "wayback") to see what our current market landscape looks like compared to years past.

• The 1,026 signed purchase agreements for the week ending August 15? That’s the most since 2005.
• The 25,765 active listings for sale? The fewest since 2005.
• The 1,630 new listings? Fewest since 2002.

In other words, buyer activity is growing and supply is shrinking. There are fewer homes available per buyer than at any point since 2005, and inventory should only continue to tighten through the remainder of the year.

Click here for the full Weekly Market Activity Report.

Thanks to Minneapolis Area Association of REALTORS^® for these insightful statistics

July Housing Outlook Supply, homes under 120k only a 3.6 months supply, lowest mark since 2005. In short it is now a sellers market in that price range!  In my opinion, in some areas, especially the city anything under 200k is a sellers market.

http://www.mplsrealtor.com/downloads/market/HSO/hso.pdf

The Q2-2009 Update to "Foreclosures and Short Sales in the Twin Cities Housing Market" has been released. Click here to view. Click on neighborhood for detailed view of MLS area.  Interesting Numbers!

The July Monthly Skinny has just become available.  Check it out. 

The trend for the weekly statistics are more of the same, more pending sales and less inventory, compared to last year.  Click here for the full version of the weekly report.   

Per the Minneapolis Area Association of Realtors Blog "The Skinny"

Prices Creep Up as Traditional Sales Grow

Word on the street is that people like lists more than prose for receiving information they can digest with ease. This hurts my writerly heart, but, hey, I get it. We’re busy people these days. Two hundred emails per day, 15 blogs to follow, 65 Facebook status updates, 450 Twitter feeds. Plus all the other stuff you’re actually trying to get paid to do, not to mention the personal life you want to have. Goodness gracious.

So let’s do this for you, MSP:

Stats Snapshot:

1. June saw 5,183 signed purchase agreements, up 33.7 percent from this time last year.

2. 40.7 percent of closed sales in June were lender-mediated, compared to 59.7 percent in January.

3. A decrease in lender-mediated market share brought the overall median price up from last month to $173,500 in June. Despite the month-over-month increase, that’s still a 15.4 percent drop from June 2008.

4. The median June sales price of traditional homes was $210,000, down 7.7 percent from a year ago

5. The median June sales price of lender-mediated homes was $124,025, down 16.8 percent from a year ago.

6. The number of properties for sale at the end of June was 26,204, down 21.9 percent from this time last year.

7. There are 7.3 months of supply available, down significantly from the 10.6 seen at this time last year and trending back down towards a balanced market of 5 to 6 months of supply.

8. There are 10.9 months of traditional supply and only 4.4 months of lender-mediated supply.

Primary Takeaways:

1. June’s pending sales were the highest June showing since 2005 and the 12th consecutive month of year-over-year increases.

2. With low mortgage rates and the $8,000 federal tax credit for first-time home buyers, we’re seeing the recent jump in sales spill over into the traditional market.

3. We still have an abnormally high number of foreclosures and short sales, but it’s an improvement from six months ago.

4. Sellers still face a challenging market, but things look better for them than they have in awhile. 

June Skinny Video-  More good insight about our crazy twin cities real estate market.  Lots of good news check it out!