Real Estate News

Monday, May 11th, 2020

For Week Ending May 2, 2020

The Mortgage Bankers Association reported a 12% increase in mortgage applications last week, reversing a trend of falling activity due to the COVID-19 pandemic. While a positive sign of buyer interest and future home buying activity, application volume was still 20% lower than a year ago. Initial unemployment claims came in at a little more than 3.8 million for the week ending April 25th, which continues the decline seen in recent weeks but still significantly higher than pre-pandemic levels.

In the Twin Cities region, for the week ending May 2:

  • New Listings decreased 28.6% to 1,476
  • Pending Sales decreased 17.8% to 1,149
  • Inventory decreased 12.2% to 9,413

For the month of March:

  • Median Sales Price increased 8.0% to $297,000
  • Days on Market decreased 7.6% to 61
  • Percent of Original List Price Received increased 0.6% to 99.2%
  • Months Supply of Homes For Sale decreased 10.0% to 1.8

All comparisons are to 2019

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Posted in Weekly Report |
Monday, May 4th, 2020

For Week Ending April 25, 2020

While the initial unemployment insurance claims number was down from last week, claims remain at a high level with over 4.4 million people filing for the first time in the latest Department of Labor report. Weekly initial claims are likely to continue to decrease in coming weeks while still remaining significantly elevated. Mortgage rates have stabilized over the last few weeks at nearly three-quarters of a percent lower than a year ago, while showing activity nationwide has increased 39% in the last two weeks as agents and consumers are adapting to the new environment, including using virtual showings in many cases.

In the Twin Cities region, for the week ending April 25:

  • New Listings decreased 30.7% to 1,376
  • Pending Sales decreased 24.3% to 1,071
  • Inventory decreased 11.1% to 9,161

For the month of March:

  • Median Sales Price increased 8.0% to $297,000
  • Days on Market decreased 7.6% to 61
  • Percent of Original List Price Received increased 0.6% to 99.2%
  • Months Supply of Homes For Sale decreased 10.0% to 1.8

All comparisons are to 2019

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Posted in Weekly Report |
Monday, April 27th, 2020

For Week Ending April 18, 2020

The Department of Labor’s initial jobless claims report released April 16th showed 5,245,000 new weekly claims, which is a decrease of nearly 1.4 million from last week. New initial claims are expected to continue to decline but still remain at high levels in the next few weeks. This week the Commerce Department reported new construction building permits were at a seasonally adjusted annual pace of 1.35 million in March, which is 5% higher than last year. However, that is expected to decline in April as the impact of COVID-19 is more fully realized.

In the Twin Cities region, for the week ending April 18:

  • New Listings decreased 23.9% to 1,228
  • Pending Sales decreased 27.8% to 989
  • Inventory decreased 12.0% to 9,025

For the month of March:

  • Median Sales Price increased 8.0% to $297,000
  • Days on Market decreased 7.6% to 61
  • Percent of Original List Price Received increased 0.6% to 99.2%
  • Months Supply of Homes For Sale decreased 10.0% to 1.8

All comparisons are to 2019

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Posted in Weekly Report |
Thursday, April 23rd, 2020

Sales were up compared to last year – a welcome and reassuring direction in a low supply marketplace.

Posted in Monthly Skinny Video |
Monday, April 20th, 2020

For Week Ending April 11, 2020

This week’s initial jobless claims report from the Department of Labor showed another 6.6 million workers filed last week and revised the prior week’s claims up by 219,000 to nearly 6.9 million. Millions of additional initial jobless claims are likely to be reported in the next few weeks as the full impact of shelter-in-place policies becomes apparent. Meanwhile, Freddie Mac reported that the average 30-year fixed-rate mortgages rate remained flat at 3.33% this week, down from an average of 4.12% a year ago.

In the Twin Cities region, for the week ending April 11:

  • New Listings decreased 30.4% to 1,210
  • Pending Sales decreased 21.0% to 1,000
  • Inventory decreased 11.3% to 8,928

For the month of March:

  • Median Sales Price increased 8.0% to $297,000
  • Days on Market decreased 9.1% to 60
  • Percent of Original List Price Received increased 0.6% to 99.2%
  • Months Supply of Homes For Sale decreased 10.0% to 1.8

All comparisons are to 2019

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Posted in Weekly Report |
Forgot Password?

Enter E-mail: