Market Minute

Listed below are real estate market statistics for the Twin Cities area.

For custom market stats or a free home valuation – Call or text Cheryl Kempenich at
(612) 735-0553 or fill out the online contact form.

September 2014

September 27, statistics, closed sales are down 7% but the median sales are 219,000 which is up 5.3% since last august 2013 median sales prices are up 7.0% 4.4 months of inventory, more things to look at it. Great for the buyers’ market. Average supply was 9 months inventory. Gas prices are dropping, mortgage rates are going down, 4.5% or higher, refinance is great.

August 2014

Most local markets continue to recover from a soft patch earlier this year. The macro trend is still positive; the micro trend involves more moderate pinching up and down the month-to-month timeline. This is not uncommon in a balanced market, but it’s been so long since we’ve seen one that we’re watching it with perhaps too much trepidation. Metrics to watch include inventory and prices, but also days on market, months’ supply and percent of list price received at sale. Declines in pending and closed sales activity may reflect strong decreases at lower price points and may not indicate softening demand.

New Listings in the Twin Cities region increased 0.1 percent to 6,958. Pending Sales were down 7.0 percent to 4,802. Inventory levels rose 8.7 percent to 18,205 units.

Prices continued to gain traction. The Median Sales Price increased 5.3 percent to $219,001. Days on Market was down 2.9 percent to 68 days. Buyers felt empowered as Months Supply of Inventory was up 15.8 percent to 4.4 months.

Sustained job growth, lower mortgage rates and a slow rise in the number of homes for sale appear to have unleashed at least some pent-up demand. Since housing demand relies heavily on an economy churning out good jobs, it’s encouraging to see second quarter GDP growth revised upwards to a 4.2 percent annualized rate and stronger-than-expected job growth in recent months. Further improvements are still needed by way of wage growth and consumer confidence but recovery continues.


 

2014 August Market Stats Overview

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