One. That's the number of times over the last 33 weeks that we've had fewer pending sales this year than we did a year ago. And the week in question was Thanksgiving—a week where making an offer on a home is typically ignored in favor of turkey and afternoon naps during another loss by the Detroit Lions.
The buying party continued for the week ending February 14, as there were 731 pending sales in the Twin Cities—up 17.1 percent. Over the last three months, there have been almost 1,200 more pending sales than there were last year. During this time period, 60.3 percent of sales were lender-mediated foreclosures or short sales.
Increased sales means increased absorption of inventory means less houses for sale. There are approximately 4,000 fewer houses for sale right now than there were at this time last year, a drop of nearly 14 percent. New listings remain sluggish as well. The most recent reporting week saw a 9.5 percent year-over-year drop.
Tuesday, February 24, 2009
Tuesday, February 3, 2009
Ground Hogs Day does not resemble the market.
Weekly Market Activity Report
As we celebrate Groundhog Day, new listing numbers continue consistently at a slower pace than 2008. New listings for the week ending January 24 were 10.3 percent less than this same week last year. Total active listings are significantly down, reflecting the steady decline of supply that occurred over the previous 12 months. There are currently 24,993 active listings on the market, down about 11 percent and 3,000 units since this time last year.
There is additional good news. Pending sales are showing an increase of 8.1 percent compared to one year ago. It should be noted, however, that much of this increase is foreclosures and short sales.
The Supply-Demand Ratio (SDR) for February is projected to be 7.67, painting a picture of falling supply in further detail. The SDR reflects the number of homes for sale per buyer in the Twin Cities.
These positive signs are methodically leading us on a journey toward a healthier regional real estate market and not on an endless repeat of sameness like in the movie named for today's holiday.
As we celebrate Groundhog Day, new listing numbers continue consistently at a slower pace than 2008. New listings for the week ending January 24 were 10.3 percent less than this same week last year. Total active listings are significantly down, reflecting the steady decline of supply that occurred over the previous 12 months. There are currently 24,993 active listings on the market, down about 11 percent and 3,000 units since this time last year.
There is additional good news. Pending sales are showing an increase of 8.1 percent compared to one year ago. It should be noted, however, that much of this increase is foreclosures and short sales.
The Supply-Demand Ratio (SDR) for February is projected to be 7.67, painting a picture of falling supply in further detail. The SDR reflects the number of homes for sale per buyer in the Twin Cities.
These positive signs are methodically leading us on a journey toward a healthier regional real estate market and not on an endless repeat of sameness like in the movie named for today's holiday.
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