Weekly Market Activity Report
In the Twin Cities housing market, sales are flat like a New York pizza and supply is down like grandma's comforter. Fortunately for us, the data confirms our kitschy similes. Pending sales for the week ending July 19 are ahead of the same week last year by 3.8 percent, while new listings fell by 13.0 percent for the same time period—positive signs of a market in transition.
The total number of active listings for sale currently sits at 33,410, (comfortably) down 1,722 units—or 4.9 percent—from this time last year. Since the number of new homes coming on the market remains in decline and sales appear to have hit bottom, we can expect total inventory to remain lower than last year for some time to come.
Tuesday, July 29, 2008
Tuesday, July 22, 2008
Weekly market Report for the week of July 21st, 2008
Weekly Market Activity Report
Housing supply in the Twin Cities continues its descent. For the week ending July 12, there were 11.5 percent fewer new listings on the market than there were one year ago. Over the last three months, there have been roughly 4,000 fewer homes on the market than there were during the same period in 2007. The total number of properties for sale currently sits at 33,390—down 4.7 percent from this time last year.
The sales picture is slightly different, as activity has flattened after two years of downward movement. We are showing a slight 1.8 percent increase in pending sales from the same week last year. Over the last three months, there have been roughly 300fewer pending sales—a decline of 2.7 percent.
The new construction market has achieved an important step towards its eventual recovery. The Months Supply of Inventory for new construction properties is now less than at this time one year ago—dropping slightly from 11.0 months in July 2007 to 10.8 today. This figure has been increasing steadily for several straight years. A drastic decrease in new construction inventory is the reason for the decline.
Condominium prices continue to indicate healthier dynamics than the other property types, with both average sales price and price per square foot up slightly. This submarket seems to have peaked and flattened earlier than others, and also has far fewer foreclosures and short sales affecting overall price data.
The entire market continues to shift downward to the lower price ranges, in both supply and demand—an indication of the growing prevalence of lender-mediated foreclosures and short sales in the Twin Cities.
Housing supply in the Twin Cities continues its descent. For the week ending July 12, there were 11.5 percent fewer new listings on the market than there were one year ago. Over the last three months, there have been roughly 4,000 fewer homes on the market than there were during the same period in 2007. The total number of properties for sale currently sits at 33,390—down 4.7 percent from this time last year.
The sales picture is slightly different, as activity has flattened after two years of downward movement. We are showing a slight 1.8 percent increase in pending sales from the same week last year. Over the last three months, there have been roughly 300fewer pending sales—a decline of 2.7 percent.
The new construction market has achieved an important step towards its eventual recovery. The Months Supply of Inventory for new construction properties is now less than at this time one year ago—dropping slightly from 11.0 months in July 2007 to 10.8 today. This figure has been increasing steadily for several straight years. A drastic decrease in new construction inventory is the reason for the decline.
Condominium prices continue to indicate healthier dynamics than the other property types, with both average sales price and price per square foot up slightly. This submarket seems to have peaked and flattened earlier than others, and also has far fewer foreclosures and short sales affecting overall price data.
The entire market continues to shift downward to the lower price ranges, in both supply and demand—an indication of the growing prevalence of lender-mediated foreclosures and short sales in the Twin Cities.
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