Weekly Market Activity Report
Potential home buyers waiting for even more new inventory to hit the market may be waiting a long time. For the week ending March 15, there were almost 300 fewer properties put on the market in the Twin Cities than during the same week in 2007—a decline of 12.0 percent. And the number of new listings on the market in the last three months is 6.9 percent behind the same time one year ago. So while total inventory remains high, the frenzied peak of seller activity appears to be behind us.
The number of newly signed purchase agreements jumped significantly from the previous week; and for the same time period comparison last year was down only 8.9 percent. While this is a positive indication that buyers may be beginning to recognize the tremendous opportunities available, we are by no means out of the woods yet. Let's at least hope we're out of the snow.
Monday, March 24, 2008
Tuesday, March 18, 2008
Weekly market review for the week of March 17th, 2008
Weekly Market Activity Report.
Still waiting! Buyer activity remains relatively lethargic in the Twin Cities housing market. For the week ending March 8, the number of new purchase agreements signed was 682, behind the same time last year by 18.7 percent. Despite the deluge of properties available, rapidly improving affordability, attractive interest rates and motivated sellers, buyers appear to be unwilling or unable to take advantage of this incredibly attractive buyer's market.
This conundrum begs a question: Do buyers remain on the sidelines because they so choose or because they have no choice? In other words, is it tightening lending rules or a sincere lack of consumer interest that is keeping buyers in stasis? What do you think?
Weekly Market Activity Report features an updated figure for Months Supply of Inventory, which jumped in March to 9.2. This means that it will take the current supply of properties for sale roughly 9.2 months to sell through completely.
Still waiting! Buyer activity remains relatively lethargic in the Twin Cities housing market. For the week ending March 8, the number of new purchase agreements signed was 682, behind the same time last year by 18.7 percent. Despite the deluge of properties available, rapidly improving affordability, attractive interest rates and motivated sellers, buyers appear to be unwilling or unable to take advantage of this incredibly attractive buyer's market.
This conundrum begs a question: Do buyers remain on the sidelines because they so choose or because they have no choice? In other words, is it tightening lending rules or a sincere lack of consumer interest that is keeping buyers in stasis? What do you think?
Weekly Market Activity Report features an updated figure for Months Supply of Inventory, which jumped in March to 9.2. This means that it will take the current supply of properties for sale roughly 9.2 months to sell through completely.
Tuesday, March 4, 2008
Market update for the week of March 3rd, 2008
New listings for the week ending February 23 posted 1,832 units, down 10.1 percent from the same week in 2007. Signed purchase agreements (pending sales) declined from last year by 15.9 percent for the same timeframe comparison, posting 635 units. Despite the general decline in seller activity, the total number of homes for sale is ahead of this time last year by 9.8 percent. Also, this week's Weekly Market Activity Report features a new March Supply-Demand Ratio of 8.72 houses per buyer, up 38.4 percent from March 2007.
Looking for a silver lining to the weekly litany of grimacing news? Well, the seemingly endless swell in the growth of homes for sale has steadily declined. The Supply-Demand Ratio is the lowest it's been since June 2007. Housing affordability is at its highest point since 2004. And we're receiving anecdotal evidence of increased buyer traffic beyond seasonal norms over the past few weeks.
It ain't all bad news, folks. The word on the sheet may not yet match the work on the sheet, specifically pending sales, but ample supply, lower interest rates, weakening median prices and healthy affordability are all historical buyer opt-ins.
Buyers are out there. They may be uncertain of the market's bottom or current appreciation rates, but unless everyone moves away or decides to rent or does absolutely nothing, pent up buyer demand has the inevitable feel of unfurl. Whether it has already begun or starts a year from today is still in question.
Looking for a silver lining to the weekly litany of grimacing news? Well, the seemingly endless swell in the growth of homes for sale has steadily declined. The Supply-Demand Ratio is the lowest it's been since June 2007. Housing affordability is at its highest point since 2004. And we're receiving anecdotal evidence of increased buyer traffic beyond seasonal norms over the past few weeks.
It ain't all bad news, folks. The word on the sheet may not yet match the work on the sheet, specifically pending sales, but ample supply, lower interest rates, weakening median prices and healthy affordability are all historical buyer opt-ins.
Buyers are out there. They may be uncertain of the market's bottom or current appreciation rates, but unless everyone moves away or decides to rent or does absolutely nothing, pent up buyer demand has the inevitable feel of unfurl. Whether it has already begun or starts a year from today is still in question.
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