Weekly Market Activity Report
With mortgage rates plunging downward in recent weeks in response to actions taken by the Federal Reserve, home buying activity remains strong.
For the week ending March 21, pending sales in the Twin Cities were 13.0 percent higher than the same week last year, while the number of new listings on the market was basically flat. Over the last three months, there have been approximately 1,200 more signed purchase agreements than there were a year ago and 3,000 fewer new listings. During this time, 58.1 percent of pending sales have been lender-mediated foreclosures and short sales, while 37.1 percent of new listings have been lender-mediated. The fact that the share of lender-mediated sales easily exceeds the share of new lender-mediated listings is a hopeful sign.
New buyers entering this market will be met with strong affordability but will have less to choose from compared to previous years. There are currently 26,064 homes for sale in the metro area, which is down 15.7 percent and 4,840 units from this time in 2008.
Tuesday, March 31, 2009
Monday, March 23, 2009
Weekly Market Activity Report
Weekly Market Activity Report
Has everyone remembered to "spring" forward? It looks like the Twin Cities Housing Market certainly has, as the new season has brought in an uptick in sales along with the warm weather. The market can only hope that "spring" fever is more than just a figure of speech.
Speaking of pending sales, while they have tapered off during the week ending March 14, there is no denying that since the new year began pending sales have steadily outperformed last year’s numbers. In fact, even with almost no increase in pending sales activity the 870 pending sales for the week are still 14.9 percent higher than last March at this time.
Total active listings are another story. While new listings for this period are only 13.9 percent lower than last year, active listings are down nearly 14.7 percent. This can be looked at in a positive light, however if you consider that pending sales, decreasing inventory and higher HAI (Housing Affordability Index) are all helping to get more people into homes throughout the new spring season. This coupled with the federal government’s tax credit efforts could give the Twin Cities housing market the added boost it needs to awaken and to realize the potential that is out there.
There are many other events that coincide with spring: spring training, spring fever, spring boards… ok, that last one isn't technically associated with the season. But with the Month’s Supply of Inventory for March down 15.2 percent over last year, agents across the Twin Cities can assist buyers in diving right into the market now that conditions are beginning to warm.
Has everyone remembered to "spring" forward? It looks like the Twin Cities Housing Market certainly has, as the new season has brought in an uptick in sales along with the warm weather. The market can only hope that "spring" fever is more than just a figure of speech.
Speaking of pending sales, while they have tapered off during the week ending March 14, there is no denying that since the new year began pending sales have steadily outperformed last year’s numbers. In fact, even with almost no increase in pending sales activity the 870 pending sales for the week are still 14.9 percent higher than last March at this time.
Total active listings are another story. While new listings for this period are only 13.9 percent lower than last year, active listings are down nearly 14.7 percent. This can be looked at in a positive light, however if you consider that pending sales, decreasing inventory and higher HAI (Housing Affordability Index) are all helping to get more people into homes throughout the new spring season. This coupled with the federal government’s tax credit efforts could give the Twin Cities housing market the added boost it needs to awaken and to realize the potential that is out there.
There are many other events that coincide with spring: spring training, spring fever, spring boards… ok, that last one isn't technically associated with the season. But with the Month’s Supply of Inventory for March down 15.2 percent over last year, agents across the Twin Cities can assist buyers in diving right into the market now that conditions are beginning to warm.
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