Weekly Market Activity Report
The Labor Day fluctuations came and went, and the Twin Cities housing market is better for it. Pending sales for the week ending September 13 rose dramatically to 1,043, which is 33.5 percent above last year's total for the same week. We must assume that a healthy chunk of this buyer activity can be attributed to first-time home buyers taking advantage of the tax credit before it expires on November 30.
New listings came in at 1,846, up 3.2 percent in a year-over-year comparison. Home sellers have recognized a window of opportunity in recent months and are listing with a little more frequency, but the overall inventory of houses for sale is still below that of the last three years and our Supply-Demand Ratio (which measures the number of houses available per buyer) remains 30.3 percent better than where we were a year ago.
Tuesday, September 29, 2009
Monday, September 14, 2009
Weekly Market Activity Report
In 2008, Labor Day fell on September 1; this year, it fell on September 7. That six-day gap is enough to make our year-over-year comparisons of weekly market activity look a little goofy this week. For instance, for the week ending September 5, there were a whopping 42.9 percent more pending sales than there were a year ago, but this is only because Labor Day—a holiday that notoriously silences the local real estate market for several days—fell during that week last year and didn't this year. Expect similar confusion next week.
Independent of these numerical oddities, sales are still extremely robust as the days remaining on the first-time buyer tax credit continues to tick down. 78...77...76...
New metrics updated this week:
• Housing Affordability Index: At 195, it towers over last year's affordability by 29.1 percent. Falling prices continue to do their job, at least for buyers.
• Months Supply of Inventory: The 6.9 months of inventory available is 30.3 percent below this time last year.
Independent of these numerical oddities, sales are still extremely robust as the days remaining on the first-time buyer tax credit continues to tick down. 78...77...76...
New metrics updated this week:
• Housing Affordability Index: At 195, it towers over last year's affordability by 29.1 percent. Falling prices continue to do their job, at least for buyers.
• Months Supply of Inventory: The 6.9 months of inventory available is 30.3 percent below this time last year.
Tuesday, September 8, 2009
Weekly Market Activity Report
Weekly Market Activity Report
For the first time in 9 months, the number of weekly new listings coming on the market was actually higher than it was a year ago. The 1,641 new homes on the market during the week ending August 29 represent a 3.3 percent increase from a year ago. The slight year-over-year uptick is due in part to growth in the number of new, traditional, non-lender-mediated listings.
For the most recent reporting week, the number of brand new traditional listings (excluding re-lists that have already been on the market sometime in the last 12 months) has grown 20.3 percent compared to a year ago. Home sellers are becoming more active, likely in response to the increase in home sales seen throughout the year.
And if you look at three of our newly updated metrics, it becomes obvious why more sellers are jumping in:
• Days on Market Until Sale – 133 days, a drop of 7.1 percent from a year ago.
• Percent of Original List Price Received at Sale – 94.1, up 1.5 percent from a year ago.
• Supply-Demand Ratio – 5.46 homes per buyer in September, down 30.3 percent from a year ago.
For the first time in 9 months, the number of weekly new listings coming on the market was actually higher than it was a year ago. The 1,641 new homes on the market during the week ending August 29 represent a 3.3 percent increase from a year ago. The slight year-over-year uptick is due in part to growth in the number of new, traditional, non-lender-mediated listings.
For the most recent reporting week, the number of brand new traditional listings (excluding re-lists that have already been on the market sometime in the last 12 months) has grown 20.3 percent compared to a year ago. Home sellers are becoming more active, likely in response to the increase in home sales seen throughout the year.
And if you look at three of our newly updated metrics, it becomes obvious why more sellers are jumping in:
• Days on Market Until Sale – 133 days, a drop of 7.1 percent from a year ago.
• Percent of Original List Price Received at Sale – 94.1, up 1.5 percent from a year ago.
• Supply-Demand Ratio – 5.46 homes per buyer in September, down 30.3 percent from a year ago.
Tuesday, September 1, 2009
Weekly Market Activity Report
In 2006, the inventory of homes for sale was plentiful and buyers were in short supply. Regular followers of our weekly report will have noticed that a shift has been in the works for several months. The week-to-week patterns of pending sales and inventory resemble market patterns from last year, but pending sales have consistently outperformed last year's numbers. In fact, the most recent week's 1,012 signed purchase agreements represents a 23.7 percent increase over last year and is the 59th week of the last 60 with a year-over-year increase.
Active listings are dwindling, down 21.2 percent from last year. Inventory supply has dropped from 10.5 months to 7.2 months in the last year, and it has dropped quickly in the lower price ranges where sales activity is the strongest. Shift, change, adjust, correct, stabilize—take your pick of these words when describing today's housing market, and you'll be right.
Active listings are dwindling, down 21.2 percent from last year. Inventory supply has dropped from 10.5 months to 7.2 months in the last year, and it has dropped quickly in the lower price ranges where sales activity is the strongest. Shift, change, adjust, correct, stabilize—take your pick of these words when describing today's housing market, and you'll be right.
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